There are all types of long term loan products available for commercial properties. 

Brandon Turner complied a list of some of the best REI books available.

Avail is a good one.

Both books are available through the BP store... and I promise I am not associate with the company. 

Also, be aware of the accountants that try to not do the best option available to you when they are new and hesitant to do the work.

I expect a clean place, correctly represented, with the owner available by phone, or text should there be a problem.  

Since they are your parents and there are estate issues involved you may have some solutions available that would keep the bank from calling the loan due.

It's knowing that even with hard money and equity available for more deals, the need to get your first deal as a success feels so heavy.

Second, it seems from your question that you want to explore alternatives available to you. 

Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today.