Often nicknamed a "Kiddy Condo Loan", it's a great way for parents to get a property for their kids as a primary residence.Regarding the debt-to-income ratio, that is a genuine concern and something you would need to consider. 

We need a larger home for our family, that would be functional for multi-generational living with our kids and our parents living with us.

Some people come every year near same time whether snowbirds, for parent/child birthday, or simply because they have a favorite time to book.  

My parents have 40+ years in SFH rentals and have done quite well for themselves and have educated my sister and I quite a bit about the industry. 

The Series (child) should file an assumed name with the Texas SoS to connect the Series with the Series LLC (parent). 

I was busy and didn’t reply immediately, and now they’re saying they’ll withhold rent until I address their requests.

In addition, I live with my parents so even househacking will still cost me over $400 a month, which is what I pay to stay with my parents.

My parents are interested in buying a property in their neighborhood using a HELOC to buy it for cash.

You don't know the law, you don't know how to handle difficult tenants, and you aren't local to work on it.This is what Ohio law says: “The tenant shall not unreasonably withhold consent for the landlord to enter into the dwelling unit in order to inspect the premises, make ordinary, necessary, or agreed repairs, decorations, alterations, or improvements, deliver parcels that are too large for the tenant’s mail facilities, supply necessary or agreed services, or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workmen, or contractors.”I would give the tenant a short, direct warning that they have 72 hours to coordinate with the vendor and set a schedule for repairs.

You got in because of a gift from the parent and now you want an easy way to leverage that into something else?