Purchasing my Parents house so they can retire

[Julio Cruz]

My siblings and I would like to purchase my parents house so they could retire. The house is in Brooklyn New York. And it’s worth about $700,000 and they owe about $230,000. I don’t have the cash the purchase it out right l. But I am looking for different ways to purchase with different financing. Or maybe private money. I would like to give them a lump sum of money while having money to fix up the property so they have a good amount of money to retire. How would you do this? Or do you think I should just let them sell it.