Is it possible to brrrr a family members home

[Jacqueline Palomino]

My parents own a home that has a 30 year mortgage. It’s been about 15 years since they bought the property. They pay about 1400 a month for the mortgage. The house would need a lot of repairs if they ever wanted to sell it. Now I’m looking to get into real estate investing so I thought to myself can I brrrr this house?? Is it possible to put the house up for sale below market value but within the neighborhood price point. Then I would buy it with a hard cash money loan. We would fix the house with the money from the sale. I would refinance and they would stay there as my tenants now paying the same rent as the mortgage. My parents are on board with the plan because they have looked into fixing the property but can’t really afford to update it, which it really needs. Is this doable?