Gift of equity

[Huy Nguyen]

Hello group! im new here and this is my first post! 

I have a question in regards to gift or equity.

My parents have a house they wanna get out of a payment. 
They owe 68k, it does need some work, I’m willing to put in the work to bring the value up if I can get it back on the gift, it should be worth about 200k, the house next door sold for 225k.

How does gift of equity work? I don’t want to buy it at market price. 

Thanks!