@Allen Hayes - With total respect, you're falling victim to the Dunning-Kruger effect. 

Respectfully,Logan 

If not, i respect your time and i appreciate you taking the time to give your feed back as well.

With respect to this, should I just call a title company and attorney for a little insight?

And San Fran, San Diego are #2 and #3 respectively.

Give your parents the respect they deserve and be a good landlord regardless of who is living in your units.Also, some good points made by @Michele Fischer, as you may want to invest in modifications to make the unit more accessible for your parents as they age.

Furnishing would be done by myself at the beginning of the lease.After meeting with an owner, and explaining the opportunity along with my professional background and providing references, the owner could trust their property would be treated as I would treat one of my own properties, which is with the utmost respect. 

So, the basis would still be your adjusted basis, no step up to FMV.In general, the IRS doesn't respect "self-dealing", which is selling assets to yourself, a family member, or a company you control.These issues get complicated, which I love because I get to charge my time helping clients through these issues!  

@Kim Tucker Everyone is entitled to their opinion and I respect yours.

Have a wonderful weekend and let me know when a good time to speak is on Tuesday (I am good tomorrow BTW, but I wanted to be respectful to your's and other's Labor Day holiday).Alex