Buy Parent's Pre-Foreclosure

[Matthew Foucheaux]

I need help understanding the tax consequences of buying my parent's house pre-foreclosed home.  As far as deals go, it is an excellent deal for me.  I just don't know if there are additional tax complications since direct family members are involved.  Does anyone have any experience with this at all?  I'd like to save them from being foreclosed on as well as make a little money for myself.  The home is in Texas.