The young lady is moving out of living with her parents, so I assumed she could afford to pay via a paycheck but she sent a text saying she will forward RTA form and CHA voucher. 

It's best to delead when the units are vacant to avoid extra costs like hotel fees.In the case of a property transfer where a child under the age of six will reside in the property, the new owner is responsible for bringing the property into compliance on or before 90 days of the transfer of ownership.

A promissory note and deed of trust are important but there are also other disclosures and documents you should collect to help protect the loan - Lender's Title Policy in 2nd position behind the bank loan, Loss Payee on the hazard insurance policy binder behind the mortgage lender so your parents get reassurance they'd be paid back if there were any claims that need to be made.

If you want to keep them in possession until you die to avoid paying capital gains tax, you need a very low maintenance plan or to hand the maintenance off to a trusted advisor (child?)

I have a question in regards to gift or equity.My parents have a house they wanna get out of a payment. 

Almost have to be the child of people with no brothers or sisters who are also children with no brothers or sisters, or the family has to have super bad luck. 

I'm not a he must go to college type of parent.

The plan is for them to save a little bit more and wait for the sale of their parents house to get a gift for the down payment.

it may not be your parent… maybe it is an aunt or an uncle or a grand mother who you can educate about real estate and get them excited too?  

These include (but are not limited to);a. a drop dead date for her to refinance and take you off the mortgage (5 years, whatever);b. trigger events for her to refinance regardless of date (birth of child, remarriage, failure to maintain the house physically, cease using house as primary residence, failure to pay insurance or property taxes, no "subject to" sales and etc., etc).and no doubt a host of other things.Then there's your remedy if she fails to keep her end of the bargain, including who gets appreciation, right to possess or maintain, etc.Your credit score is far down the list of concerns