Or property taxes don't double sometimes? 

I'm getting close to 10k back on my tax return this year and thought that might be some solid capital.

Not doable in an online forum, takes an actual consultation with a tax professional. 

Last few years insurance and property taxes have impacted cash flow a lot.since the property is old every now and then I have had issues such as leaks in pipes, fence falling, and appliances. 

During this time of year it's tax time and I'm getting all of that together which takes a while.

So basically, your parents shouldn't face any tax consequences as long as they're just contributing the property to the LLC and not selling it.However, it's important to be aware of the potential for reassessment of the property's value, which might impact property taxes.

Primary residences are different than typical rentals for 'asset protection'.Your state may have homestead protections you may forego and/or you may not qualify for cap gain tax exclusion at sale by not owning as a natural person.Private money terms are likely your biggest asset risk, not fear of lawsuits. 

If you put down 20%, after taxes and everything, you might be cashflowing a few hundred dollars, but that's only before expenses and repairs. 

Renting out part of your place means dealing with some tax stuff.

Single family homes cost more and taxes are higher, but you don't have condo fees.Run the numbers for both.