While I think neighborhood farming is a good idea, I'd say instead of doing it geographically, think about who is most likely to move in your community. 

@Ricky Sanchez One of the requirements of doing a 1031 exchange is that the tax-payer for the relinquished property has to be the same for your replacement property.

I do condo plans as part of my W2, and these SF calculations can vary based on the coord with the attorney and owner as far as how the association is originally set up in its budgeting for dues.

Would your parents consider selling to you or your siblings at a favorable price instead of gifting it?

Generally when sellers say "cash" it really means they do not want to deal with contingencies,  short closing period and/or do not want to deal with needed repairs. 

If anyone has experience or tips to share, I’d really appreciate it!

My main concern with this this is it's a separate asset that has to be attached to the structure.What happens when you need to have the roof replaced they're going to have to detach that thing.

After that, I'd paint and put a new kitchen in (likely do these myself, which I have done before).

How much would take to bring make to it’s regular use as a sfr.

How much does it cost to buy down rate per %?