Newbie trying to navigate off-market purchase from parent

[Kristen Chuy]

Hello everyone! I need to preface this by saying I’m a total newbie. I’ve been listening to biggerpockets, reading books and researching for the past year or so. I have the opportunity to purchase the duplex I currently rent one side of from my father. He lives in the other side. He wants to cash out and is willing to sell me the property for market value. I’ve been trying to find more info on if I would qualify for the parent-child tax exclusion through Prop 19. My father would also be interested in renting from me for a year or so while he figures out where he wants to relocate to. Has anyone  gone through a purchase like this recently? I’m debating whether we need to use an agent or real estate attorney. I talked to an attorney who explained the prop 19 changes this year and how it could limit our ability to rent out the other unit in the future. The property is likely valued less than 1 million limit, estimate is around $800k. It’s tough finding information on how it applies to multi family properties.

I've also reached out to a few lenders and it seems 15% down is the minimum for a duplex unless it's FHA. Has anyone heard otherwise?

Thanks to anyone willing to share information and reading my long post!