Advice - Buying parent's house

[Krystin Nangcas]

Hi, newbie here and just started learning all about RE.

My parents are willing to sell their house to me and my family for way lower than its market value. It's a big 5 bed / 3.5 bath house -- but lots of work to be done. We are either thinking of buying, flipping and selling it. Or buying, flipping & live in it (main reason to live in it: close to in-laws for child care, possibly lower mortgage payment compared to current house. However, definitely not our forever home.) Either way, we'd like to buy it just to get our feet wet in real estate.

Just wanted some insights, opinions, and advice to see what would be a better investment. Or initial steps I'd need to take. Thank you!