Technically he can borrow money against the property.And, if he is not honest, he can sell the property multiple times.Since the deed isn't recorded, no one would know. 

Buying existing plans and tweaking them through an architect could save time and money compared to a fully custom design.

Then once you spend the money for that.. then the contractor will simply file a UNJUST Enrichment claim so your back to square one.. 

Unless you have a Roth SDIRA, there are significant downsides to investing in real estate with an IRA.  

Is the question Do I ask my parents to look elsewhere because I want to make money?

Regardless of what you do to the important stuff on a home the avg consumer still wants to see granite countertops lol Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Im 34 years old and have my mind set on real estate investing.

Real long story but he used to work in the area.

Are you trying to put together an SREO (aka Schedule of Real Estate)?

Quote from @Stone Safaie: Hey BP community,I’m fairly new to real estate and interested in investing in 50+ unit properties.