As a safeguard, you could keep your parents on as minority owner ship, ex: 70% you 30% them. 

I found a property under contract that has R4 zoning with some sensitive area.

This deal is time sensitive as I have exclusive insight right now before it goes to market.

In a gentrifying area, as a minority, I am sensitive to the demographic.

It's highly sensitive to demographics and a declining business in some areas of the country.

You guys have done a pretty good job of discouraging me(I'm admittedly sensitive), but the property is already mine so there is no going back.

People can be very "sensitive" about being recorded and you (your business) don't want to end up on the wrong side of a news story or worldwide (Internet) negative chatter about violating people's privacy.

Some information is market and time sensitive.  

You can sell the house after 1 year from purchase.The 203k loan is an incredible opportunity to buy a house and fix it up to your own taste with the banks money and with safeguards in place to protect you if this is your first rehab.I would highly recommend it. 

Laminate is a excellent floor as well but is a little sensitive to water like a fog accidents in the same area and walking in with snow covered shoes.