Any ideas or suggestions?

Provide your income information and expected price range and rental income from the property, as well as expected value after it's renovated, and they should be able to give you a good idea of what types of loans you'll be able to qualify for. 

Great plan; acting relatively fast is a good idea with rising rates.

I think it will die, but this stupid idea gained momentum. 

I read how they are not the best investments because they do not appreciate well and I personally don't like the idea of HOA fees.

That will give you some vital feedback.

Would it be a good idea to create and LLC with my parents to have all the property under one LLC.

So, that's good.It's 110 years old, might be a good idea to have that inspected.

Traditional refinances dont have seasoning requirements, so the idea is instead of purchasing for 40k and putting 10k in and waiting to do a cash out to get 75k you just take 75k, put it in an llc and 'loan' it to yourself and file the mortgage.

Be crazy enough to always share your dreams and ideas with people.