Buying parents property in California

[Delia Washington]

My mother wants me to buy her home rather than inherit it with my two sisters. Her home needs repair, the master bathroom shower needs to be redone down to the sheetrock, the kitchen needs to have the tile floor removed because several broken tiles cannot be replaced, the yard needs extensive landscaping, and the foundation on one corner of the house is split horizontally and shifting out causing cracks in the wall.

My mother owns the home free and clear. She wants to sell it to me at below market price, pay for the repairs herself and rent a room at market rent or above to be able to continue living there. I'm thinking of considering her offer, because once the repairs are done, I can refinance and pull equity out to purchase rental property.

Is this doable? What are the potential pitfalls? What should I look out for?

Thank you in advance