advise and help for newbie

[Josue Rivera]

hey how is everyone hope everything is well, I am fairly new to investing and I am in need of some advice. My parents are looking to sell me their house they still have a mortgage on it about $75K , the estimated house value on the house is around 130k . my idea is to buy the house using a 203 loan or Fha loan and upgrade it . The house has 3 bedroom 2 bath upstairs and 2 bedroom in the basement level . Thinking about adding a bathroom and a kitchen in the basement level then live downstairs and rent out the 1st floor level 3/2. Any thoughts or suggestion to this particular situation any help will be greatly appreciated. Thank you in advance