How to buy property from father

[Pablo Espin]

I would like some thoughts/assistance on what to do with a scenario that I am currently facing. My father has a house located in Ft Lauderdale, about 10 minutes from airport and close to Las Olas and Hard Rock hotel. Its an older community but from looking at AIRDNA its not a bad place for a Airbnb. My father is retired 80 years old, he is on a fixed income and only makes like $800 from his social security. He has a house that he still owes $200k w/ %4.5 and 30 years left on mortgage(he has been refinancing without telling us). Anyways, the house he currently has will be appraised anywhere from 425k at low end to 500k high end. We want to rehab the home which will be about 30k it just needs some updates and also with that we can furnish the house. But we also want to give my father 50k so he can pay his car off, and bunch of credit cards that he has not told us about. I could buy the home from him but then I wouldn't be able to get any of that cash. He does not qualify for heloc due to his income. Is there anything I can do, besides just buy the house from him? I was hoping to do a cash refi but not sure if that is an option with his name still on the deed and mortgage. Would love any inputs/thoughts on this scenario.