Should I buy my parents old house?

[Matthew Otero]

Hello BP! So my parents have decided to move into a retirement community and will be moving soon. Their home is paid off and they haven’t enlisted anyone to help them sell it yet. The home is not in the best condition and whoever buys it will have to do a good renovation but there’s definite value. I can’t help but to think there’s an opportunity here. I’m trying to figure out if there is a way, through some type of agreement, where my parents will get the money for the value of the home and I could take ownership of the property to slowly repair and rent out. The issue I’m having is that I’d have to go through a bank for a loan and between the down payment and repairs I don’t have enough working capital. Any ideas? The home is in Long Island NY.