Taking over parent's mortgage?

[Christian Florez-Santiesteban]

Hey guys, ive been thinking about this a lot and if anyone has experience with parents handing down a house or taking over your parents' house mortgage please advise.

Background: There are 5 people currently in this townhouse and my parents have paid close to half the value so far. ive graduated college debt free and have been working in my field for a year. ive been saving for a down-payment so i can move out into a multi family house and rent one side of it.

my father and i had dinner and i threw the idea of taking over his payments so i can build up equity and he can get the house he really wants (ranch style with a pool). When we go sell house number 1 we would split the profit 50/50. The only thing he requires right now is that i pay a large down-payment towards house number 2. all 4 of them would go live in this new house and i would rent house 1 to some working professionals i know are going to be relocated later this year.

Anyway it seems hard to conceptualize this logistically so if this is advisable please offer any guidance. the other option was just to continue to save like normal and he will rent this house to strangers so we all have to make moves this year regardless of the decision i just figured i keep the house and start building equity.

Thanks in advance