Purchasing Family Home as House Hack through Seller Financing

[Robert Kirkley]

Hey everyone, 

Recently there has been talk between my parents and I that they are looking to downsize and possibly sell their house.  I am currently living with them and saving up for for a house hack, but see this as a potential investment opportunity to purchase our own home and have them move somewhere else when they would be ready.  There are a lot of unknowns at this point, but I would like to try to learn a little bit more about some potential ways to seller finance this deal.

They originally purchased the home for around $225k in 2019 and the house is probably worth close to 300k.  I am currently approved for $200, but I may be able to increase that amount when I apply next based off of income.  They are wanting to take their name off the mortgage so that they can be approved for another property if the chance comes to them, however, I wanted to know if there was a certain way I could structure a deal between them and myself taking the responsibility of the mortgage and purchasing the property in a land trust to avoid the tax increase? Are there any other ways that I could look into structuring a deal with them?  Thanks.