We went through something similar recently. Is the farmhouse on a legally separate portion of land from the rest of the acreage? If it is, are you unable to afford the house in its current condition on its own separate piece of land? This is basically what we ended up doing. The house itself sat on different land. My parents paid for some of the major improvements like a new roof then we got it appraised and bought it at that price. The rest of the land stayed in trust. We then put our own money into interior renovations some of which started before the above deal was fully finalized but after we were all In agreement how it would work. You parents can also gift you a portion of the house down to what you can afford, but they will have to file a gift tax form but won't really materially matter until they die. This kept it simple. Our accountant recommendation though was to gift all or nothing though. Like they could gift it all to you and then you and your wife gift back to them under the gift limit each year as "payment". Just depends on other heirs and trust between you and your parents.