Would anyone recommend any alternative way to get my parents the 65K they are asking for? 

What alternatives are there for live in properties?

Unbelievably, I had given these owners my card three years previously and they contacted me.

Unbelievably, I had given these owners my card three years previously and they contacted me.

Alternatively if you wanted monthly cash flow and less oversight time you may decide to invest as a passive investor in a multifamily syndication.

You can Alternate the pattern if you want variation and it’s durable and flexible enough to be used almost anywhere.

It would be highly preferable to have these split, but if the cost of renovation is too high, will bite the bullet and bake heating and hot water into the tenant's rents.The current boiler room is on the ground floor, so can convert this into a bedroom should we find an alternative We have narrowed down the options to the following:1.

One person was willing to lend about two thirds of what I needed, the other (my father) was willing to lend the other third.You can use alternative resources.

I've earned the nickname MacGyver since childhood because I am always looking for, finding, and creating loopholes and alternate ways to accomplish the same goals others take the traditional paths to accomplish.

Now add in all of these above factors and consider how many times you will have to submit conditions to the lender for each month of new pay stubs, bank statements, verification of employment, credit supplements, builders invoices, appraisal updates, rate lock extensions etc...Your looking at 4-6 months now in most cases.I would suggest that after 2021 settles in a bit and "Hopefully" Covid starts to clear it's name form the media.....You might look back into that option.  203K is a time investment loan option that I think could be a last alternative choice to something quicker like a fix & flip loan.