I thought of the idea of getting my parents to buy real estate in the area they want to retire in.

Some others like the "control". 

The process is just far less standardized and controlled relative to traditional transactions so you really have to pay attention to every detail and make sure everything is verified. 

What they need is an "investor" (read parent(s)) to help them qualify.When I was working in corporate America I was in the same situation as you.

I believe you can purchase an Airbnb property using a vacation/second home mortgage with 10% down as long as you have control.  

Select your partners wisely - Realtor, Lender, 203k Consultant, and ContractorREALTOR - it's recommended to work with one that has done a 203k in the past so they know what verbiage HUD wants to be added to the purchase offer contract and how to structure the dealLender - advice you to select a lender with verified 203k experience; the lender is the quarterback in the process, controlling the rules, paperwork, processes, procedures, and if the lender does not have sufficient experience with the 203k, your entire process can look like the Cleveland Browns on a Sunday afternoon203k Consultant - the lender is responsible for selecting the 203k Consultant (refer to Lender paragraph above); this person determines the scope of work and pricing for the projectContractor - strongly advise you to select a Certified 203k Contractor; this person does not set the pricing (see 203k Consultant info above) but does need to know the different versions of the 203k, payment methods, timelines, paperwork, and processes; definitely don't want to work with a contractor who is going to "wing it" on a 203k.

She wanted to purchase her parents place, but could not qualify. 

Hello, i will try to keep this as short as possible.iam 26 years old, i live in California, i live with my parents since it is a very normal thing to do in my culture.

I agree it is a bad idea.You should buy your own properties so that you have full control and can build equity.If you are going to legally manage a property you don't own you might have to be a licensed PM.

As a Controller - I would recommend having someone handle your books that can work closely with the CPA.