Rental property with parents

[David Wild]

I'm looking to create passive income for my parents over the next 15-20 years and then having it come to me when they pass. I'm thinking about splitting a rental property 50/50 with them. The property wouldn't have a morgatge. The cost is about 120k. I'm looking to have them keep all the income and then leave me the property when they pass. So in theory I would double my money ( without appreciation) while helping my parents at the same time.

I already have 2 rental property's, I'm looking at doing this one with my parents to help them monthly, locking up a 3rd property for my retirement and not getting over leveraged doing it.

I'm just looking for input on any ramifications of doing this, how to hold title or the best way to pass it back.