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Buying MIL a house - She pays the mortgage

Hi all, my wife's sister and brother are wanting to purchase a house for their mother. My mother in-law has only ever worked cash jobs and is over 60 years old. Apparently she won't be approved for a home loan under these circumstances?

The plan is to purchase the property under her x3 children's names - but she will pay us for the repayments every month.

I am extremely naive regarding this - please share any potential ramifications if we engage in this process. Does it affect tax costs? What if we wanted to buy a second house (We currently have a mortgage for our own home). Will it cause a lower chance of approval for a 3rd home loan? What happens if my wife's mother passes away and the other owners of the house don't want to immediately sell?

Please share absolutely every possible way this could go south/any reasons why it could benefit us?

Thanks all

submitted by /u/gordonramsay8me
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source https://www.reddit.com/r/RealEstate/comments/1h07v57/buying_mil_a_house_she_pays_the_mortgage/
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