It also goes without saying that you should have to parents co-sign on the lease as well. 

My parents are giving up their home to turn it into a rental property.

From a parent's perspective, I can tell you as a dad to a 19 and 17 year old, that I think elementary school ratings are overvalued.

My Parents accepted many sacrifices to come to this country at 21 and 18, with me being a three year old.

Neighbor to my parents is parting with his vacation home.

My parents like many were vicitims to the 08 housing crash and wanted many rental properties to retire from but did not go about it correctly. 

Check to see if giving you the home will trigger gift taxes for you or your parents.  

Only advice I ever got there was to somehow vet what level they are at - graduate students might still be rowdy, but that's a lot less likely than trying to landlord for the 18 year old undergrads that have just recently been released from the watchful eyes of their parents. 

So you are suggesting using a parent account called something like "Rental Income" and sub/child accounts of the same type labeled by the individual property addresses? 

My parents are in their mid-70s and are looking to hand over their properties to my sister and I.