Property Transfer to Family

my mother in law is in horrible financial straights. we have been helping her all we can. she owns her own house and has a 1st and 2nd on it. she owes $61k and $30k respectively. she wants me to have the house and she has "heard" of a program where she can sign it over to me and she will then be resolved of all financial responsibility of the house (this would actually allow her to avoid bankrupcty). is this possible to do? what are tax implications for me? i want to get the house and use it for an investment property for her grandkids (my step kids). my initial plan is to hopefully refinance the property to get a reasonable mortgage rate on it and then to keep it for 5 to 10 years before selling it and putting the proceeds in a trust fund. any information would be extremely helpful. as of right now, there is a real estate lawyer trying to get it from her as he sees the investment/profit potential of the property. i get to actually meet him to night.