Gift of Equity for Investment Property

[David Alder]

Hi all. So my wife's parents own an investment property out right (no mortgage) for about 3 months. They are looking to sale us the property (we'd keep using it as an investment) for $220K though we don't necessarily have the funds available for 20% down. We're looking at doing a gift of equity for the down payment but have heard conflicting things on whether that's allowed for an investment property. Does it depend on the lender or is there some hard fast rule out there underwriters have o follow? Any other creative ways to make this happen without having to come up with $44K + closing costs would also be welcome.

Thanks.