What is a “high amount taxable event” in this context?
It would be exceedingly rare for a $200K gift to actually incur a gift tax payment (though it would require a Form 709 gift tax disclosure filing).
There may be loopholes and financial engineering that can be done, but its generally not available to the average joe.
I looked into this as a possibility not too long ago, and the professionals we spoke with basically said you'd either need them to take care of the taxes or be co-signer.
Co-signer rights effectively negate the point of getting 'your' house, and can lead to a lot of drama.