Assuming mortgage on family home- so parents can "age in place"

[Nicole Sugrue]

My aging parents can no longer afford the monthly note on their 300k mortgage balance.

I live in NY and theyve built and owned a oceanfront home in the florida keys for over 25 years. Which our entire family has enjoyed.

We do not want the family to loose this home,  and my parents would love to remain there for the rest of their lives. 

Thoughts on me assuming balance of mortgage ,getting 1/3 share of ownership, and they live FT there? What other Terms to consider? I have 2 siblings who we would also offer the opportunity to "invest" the family home.

the home is valued at 1.4m . They are prepared to sell it, but I feel this is also a real estate opportunity (as well as keep my parents in their home)

they would sell the house to me for balance owed, and we'd come up with terms to protect each party.

thoughts ? Should forming a family LLC.be helpful to protect this family asset ?

thank you