Take Over Parents Apartment Building

[Peter Szaflarski]

Hi Everyone, 

I am interested in working out some sort of deal to take over my parents 6-unit apartment building. Currently the building is paid off. My parents don't live in the apt. building, they own a single family home with a mortgage and a construction loan. They are exhausted and fed up dealing with Apt. building, I tried multiple times to convince them not to sell, from finding a property manager, or even for me to deal with it. They just want to sell, pay off debt and enjoy life.

Few Questions: 

* What would be the best option for my parents not to pay Capital Gains ? If I work out some sort of owner financing with them ? Or getting a Commercial Home Equity Loan with my name attached to the title an option? Is it possible to transfer title to my name without paying capital, pull out a home equity loan and pay off my parents ? 

Any help would be great. Looking for the best option

[Stephanie P.]

@Peter Szaflarski

If the apartment building is owned by an LLC, have Mom and Dad add you as a member. Refinance the property using a no income/portfolio type loan and take them off the deed. Make yourself the 100% owner of the building.

Stephanie