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Check the fluid in the vehicle and see if it is fresh and new. Hopefully you just purchased the vehicle within the last 3 days so you can force the previous owner to repair under the lemon law. They may know there is an issue with the trans and that is wy they sold it to you.
This issue could be something minor like a fluid/filter change need or something major like a bad gear, bad friction plate, or an issue with the torque converter. Turning the key off is only getting rid of what bind is going on temporarily. The issue sounds like a part that needs a major repair to fix based on what you described.
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