Real Estate investment opportunity in family home

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Hello everyone, I hope are all doing well.  A little context before the question.  By July of 2021 I will be 100% debt free with about 50k in the bank.  My parents are wanting out of their mortgage but keep the house in the family which I have been asked if I want to assume the loan and once its paid off I would turn it into a rental.  Average household value in my state/area is about 750k and I would need to assume a little over 350k of the rest of the mortgage bringing the monthly payment to roughly bout 1500 which is easily doable with my income.  My 2nd option, is to continue renting let them sell at market value and purchase a brand new house at 700k bring my monthly to about 3k.  I am looking for some advice because to me I feel if I were to do this it would be a huge jumpstart.  Obviously in return I would pay it forward to them when it comes time as well, or to one of my siblings when its their turn.  Thank you and I appreciate any and all advice.  

If you only owe $350k on a $750k property and can rent it out at rates that make sense for a $750k property, your own cash on cash return is infinite since you aren't investing anything yourself so that metric is great. Depending on the rental rates, you would want to calculate ROE (return on equity) and you could potentially see what rents you are getting and refinance some equity out to use on other deals which would increase your ROE, technically lower your ROI on this property but would raise your overall ROI if used on another cash flowing property.