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.