Buying parents home for a win/win?

[Jessie Saribay Jr]

So I been thinking about this idea that would help my parents financial

situation a little bit and also help me gain access to money that would

help me start investing into real estate. I currently live with my

parents, they have about 3 loans on the house and different APRs and

another loan that is taken from their 401k totaling about 270k. The

house is worth about 800k. I was thinking of buying the house for 300k

paying off all their loans and also my car loan with the extra. They

said they would still pay the same amount and I would pay the mortgage

as well. Then I could use the equity on the house to invest and do fix

and flips or obtain more property. Would this work? would there be any

negative effects on my end or my parents end taxes wise or anything at

all? I would love some feedback and to talk about the possibilities of

this idea.