Buying any property can be scary but as an investor, it is important to detach from any emotion and look at your properties as an investment only.

You have a strong emotional connection to the property? 

@Harry Argueta assess whether it works as an investment property without the complication of moving your parents in there.Then you would need to qualify your parents' ability to make the payments (probably $2000/mo) and weigh it against your capacity (emotionally as well as financially) to carry the costs in the event they cannot.Second mortgages, HELOCs, and LLCs don't matter much at this point.  

Thus the need for an emotional gut check. 

Recently, I read the biography Snowball on Warren Buffet.There are many unique attributes that have made Warren Buffet one of the greatest investors of all time: his ability to ignore criticism, his long-term focus, his remarkable ability to devour his way through volumes of books without distraction, his detachment from emotion for investing, his tremendous frugality, and much more.Buffet does have something we can all replicate.

These folks smell your desperation, your newness and can easily emotionally manipulate you by dangling an allusion of their wealth in front you.

What if he says it’s an emotional support dog?  

Gas prices in itself are an emotional talking point, but I believe most people don't drive enough to make a real impact on their budget.

After I questioned him why, he told me he still has a lot to do and will store his belongings at a self-storage space and then start to appeal to emotions and say how he has been paying rent on time for almost 10 years, how a faithful Christian he is, how he has been paying contractors to fix problems instead of me paying them (he never notified me when he did it), how he has replaced my old worn mini blinds with his new mini blinds at no charge (but without notifying me when he did it), and tell me to give him some more time.

But you may have more going on, emotionally, with the property that only you can put a value to.