Creative deals are the most complicated in RE.  

I'm not sure how complicated the taxes would be in this case though...e.g. who gets the interest deductions, expense deductions, etc.2) Start an LLC to manage everything and give my parents some level of member ownership in the LLC. 

We spend a ton of time on the lease and amendments as it gets quite complicated in understanding responsibilities of "true NNN."

The start date and end date for both agreements should be the same date or you run into complications.

Four years ago, my income had decreased significantly and I am in a long complicated situation today with my house.

@Todd Pultz this is starting to sound A lot more complicated then expected.

;This is a complicated process that includes searches in several other County offices, including, potentially, the Recorder of Deeds, Prothonotary, Tax Claim Bureau, Register of Wills, and others.

This is a complicated process that will take years to come back from and In my opinion it has change the face of the way we do business forever.  

So, depending on your future plans in the industry and how highly you value the Pair of Ps above, it could be ideal or wholly unnecessary 

A lot of my clients purchase deals under their names because they are highly leveraged and do not want to deal with the complications & filing requirements of having an LLC.