The specifics of your situation will determine where you might need to fall on that spectrum of holding period.

You also want every adult to be named on the lease and sign it.

Quote from @Benjamin Ying: @Michael Smythe I'm new here, how do you determine property class if you're looking on Zillow?

When considering refinancing, also factor in the closing costs of the new mortgage to determine if it actually helps you.

Consulting a tax advisor or 1031 Exchange expert is essential to determine if the benefits outweigh the hassle.Taxes Without a 1031: Without the exchange, your parents will owe capital gains taxes.

Of course your specific return requirements will vary, so figure out what the numbers are for your market, analyze them to determine margins and decide if that is an appropriate return for the risk you are taking.

I definitely wouldn't sign a purchase agreement before seeing the property.

Lease Terms: Determine a monthly rent payment that covers the HELOC repayment (interest and principal) while providing some positive cash flow for you.                    

Additionally, be sure to have an accurate ledger and your signed lease agreement.

Zero or negative population growth is a bad sign too.