Can your parents itemize their deductions?
If not, consider you and your siblings buying the home from them at FMV and then rent the home back to Mom and/or Dad. You can deduct the interest you pay your parents and your parents will get a steady cash flow (from the mortgage payments) they otherwise wouldn’t have. In addition, when your parents sell the house they won’t pay tax on up to $500,000 of the gain ($250,000 if only Mom or Dad). You will get to depreciate the house which will give you another tax deduction even if you don’t itemize.
Once you convert the house to a rental property, you will be able to write off an occasional trip to see your real estate investment!
When your parents no longer live in the house, you can rent it out to another tenant, sell it, or move in it yourself. If you live in the house as your principle residence for at least two years you can then sell it and shelter another $250,000 or $500,000 worth of capital gains!