Purchasing Parents Home as 1st Rental Property

[Darsh Kumar]

I have been in talks with my parents about purchasing their current home and I'm renting at this time. Their mortgage is too high for them to afford but with my income/credit, I'd be able to purchase their property. The idea was to purchase their current residence and rent it out. With the $ my parents make on the sale from me, that $ would be transferred to my name and I would use that $ to purchase a new primary residence for them to live in and help reduce their initial mortgage payment. I'd have my first rental property, have 2 properties in my name, allow my parents to live rent free in a downsized home, improve my parent's financial situation. Win-win for everyone. My only question is the transferring of such a large sum of money from the sale my parents receive after I purchase their current home allowed or legal? Or does anyone have any better ideas than what I've discussed to get started and still help my parents out? Thank you!