I think I read 'Father' and 'Mother' in the girl's thought bubble, so until somebody who can read Japanese translates this I guess these two women are her parents. Mothers. Whatever.

From the previous entries of this "family", it would seem that the full female woman is the girl's mother and the futanari woman is her real "father". From the story, the "parents" are friends-with-benefits and there is some unseen man who acts a step-father, though the girl and her brother don't know this.

(LOL. Hentai story)

I like where this is going.

I bet this is going to get weirder.
I have no idea how, but I bet it is. O_o

Needs to be Rod_Serling tag for this level of weird. Just a thought.

uh, that seems more of a transexual rather than a futanari.