My dad is moving to charlotte. Is there any risks of having the deed to his current home transferred to my name?

[Ryan Howard]

I am still new to the real estate investing world. And before I found out about my father's move I was already planning on investing in real estate once I learned more and got myself in the position to start. But yesterday my dad tells me that he is planning on moving and that we need to have a talk about my future, if I go with him or if I stay here in Pittsburgh. My question is, if my father agrees to transfer the house into my name will I have access to the equity already in the home and be able to do a cash out refinance to jump start my real estate investing career? I've tried to search the forum for any posts with someone in a similar situation but didn't have any luck. If anyone has any input or better suggestions I would gladly appreciate your help. Thank you 

[Brandon Hall]

@Ryan Howard

There are better ways to go about this than to simply have him deed you the home. As @Rob Beland mentioned, gift rules will come into play though your father will be responsible for reporting the gift, not yourself. Any gift over $14k will decrease your father's lifetime exclusion of $5,430,000 (for 2015). This means that if your father gifts you a $200k house, it will decrease the lifetime exclusion by $186k (200-14). Taxes will not be paid on the gift now, they are only paid once the lifetime exclusion is surpassed. 

Best to speak with a competent real estate or estate planning CPA.