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Purchasing Property From Parent, Suggestions

Hello great minds I have a question for you guys. I’m looking to purchase a property from my parents hopefully at a 10-15% discount. I’m in California so the price will still be $600-650k. I’m looking for any suggestions on ways to transfer or save cash on this transaction. I don’t have the income to qualify for the entire loan as a single person, but can rent out the second bedroom for additional income. I can qualify for a $350k loan rn with my main job and have added a second job about six months ago so I won’t be house poor, since I can’t qualify for the entire loan my parents are willing to either cosign for a higher loan or to keep the remaining portion to be purchased at a later time.

Financials Purchase price $600-650k My income $75k+ Room rental $750-850/month Cash on hand $70k

Does anyone have experience in this or have suggestions, trying to keep the costs low and keep the prop 13 property tax status the best we can?
Thanks in advanced!!

submitted by /u/spankyassests
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source https://www.reddit.com/r/RealEstate/comments/fbjdop/purchasing_property_from_parent_suggestions/
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