My parents live out of state and the purpose was to give them a place to stay for an extended period of time and we will Airbnb it when they aren’t here to pay for the property.  

Just remember anyone who has acted as your employee, attorney, accountant, investment banker or broker, or real estate agent or broker within the 2-year period ending on the date of the transfer of the first of the relinquished properties is considered your agent and is disqualified from being your QI.So definitely ask them for recommendations but they cannot act as your QI on the exchange. 

I'd say most people in my neighborhood rented for a period before moving in.

Also, if you plan to live there for a period of time, which makes your families life easiest? 

I saved up the cash over a 2yr period.

Some lenders do a periodic search of ownership records of all properties in their loan portfolio.  

You could negotiate terms such as a lower interest rate or interest-only payments for a set period to ease your upfront burden.Lease-Option Agreement: If the landlord isn’t ready to sell outright, consider proposing a lease-option where you continue renting for a set period with an agreed purchase price.

Once, somebody older from our family mentioned that the sofa bed wasn't that comfortable if you sit for a long period of time in it.

When I go into quickbooks, I can generate profit & loss statements any which way I like for whatever time period I'm interested in and see how each property is performing.

Also, you should ask for an option period, i.e. the first 14 days of the escrow, so that if you need to cancel for any reason, you can get your EMD back.