@Susan O.It could be done, but the transfer in the father's share of ownership would be considered a gift and he would have to pay taxes on the gift.Also, non-married people buying a property together like a father/daughter would lose the capital gains exemption.This is to prevent people from adding their children to dodge estate taxes.

If you're parents are going go receive any money from that then they will have to take depreciation then on that property and it will appear on their schedule E as well (upon sale they have to recapture any depreciation they took or could have taken so watch out for that).If you go further the route @Corby Goade suggests with a deeding you'll want your accountant to advise on gift tax consequences or use of the one time limitation. 

I also sent them a $20 gift card, with the letter, as a nice gesture to hopefully ease any fears they may have about me as the new landlord of their home.

Also if they gifted to me what is tax liability on gifts?

And also because we love our country and our first responders that's why myself and some fellow BP members start aheroshome.org and we are at least half way toward our goal of gifting a brand new home to a deserving first responder.and one of my partners in our charity Brian Burke also started in law enforcement now he runs a HUGE syndication company with well over 2,000 doors.. all great things for many great reasons.

You can take some of the CF from your investment and give them a gift card to grocery store or something similar on a monthly basis.

@Gui Qiu,  You will definitely need an experienced professional to set this up.1) Property owned via foreign Corp : 2) Property owned via foreign Corp via US corp: Both of this will avoid estate and gift tax. 

Your son would be the initial minority holder.Have your lawyer set up a strong operating agreement that will not only provide asset protection but also keep your son as a non decision maker even if his shares interest increase in the holding LLC, making you the one in control.Every year, gift tax free to your son more interest in the holding LLC (up to the gift tax exemption fair market value).This holding LLC will file a 1065 and issue a K1 to all members.

Maybe offer half-off rent, or maybe offer to throw in a  $200 wal-mart gift card, something for the holidays.. for the right price/incentives, things can be rented!   

You'll also develop an appreciation for how little really good finishing work happens in this country, and how many dudes who pretend they can do this well are not gifted with quality tool-using genes.