Owner/Seller Financing family opportunity

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Hello. I am a first-time home buyer and might have the opportunity to purchase a small, 2 bed, 2 bath 1100 sq ft home from my parents using seller financing. The home is paid in full, and they rent it out for $1400 a month. They have consistently had nothing but terrible tenants, and the home was built in 1985, so it still needs some updating. It's valued at $145,000. I'm looking for advice going forward. Any thoughts or concerns? I would obviously consult a real estate attorney to help write up the paperwork. Thank you guys. I understand these deals aren't very frequent nowadays.