Purchase home with cash, then obtain mortgage?

[Brent Perkins]

Hi there! We are looking to purchase our next home: our parents are willing to pay for the home with cash and then allow us to obtain a mortgage to pay them back. I am wondering how the logistics of this would work?

Possible scenario: Home is purchased at auction or wholesale by parent. Maybe title is taken with both of our names on it? Mortgage is then obtained as soon as possible to pay back parents. Parent removes themselves from title.

Is there a best way to go about this? I am sure there are many implications I am not aware of, so thank you all for chiming in.