Updated about 6 years ago on .
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Transfer of ownership -- Help!
Hi BP community!
I'm new to real estate investing and could use some help. I'm working on rehabbing a duplex that was once my grandmother's house (deceased) so that I can rent it out. It's been sitting vacant for a number of years, long story. The house is in my father's name since my grandmother's death and he is willing to transfer it to me since I will be financing the rehab and managing the property going forward. There is no mortgage on the house so I plan to fix it up, get it rented, get it appraised and take out a loan on the house to fund future deals. Since I'm planning to take out a loan, I would need to technically own the house. I've read up on gifting and other strategies but it gets complicated and there are many tax implications.
Anyone have any experience with a similar situation or could point me in the direction for further research?
Thanks so much for the help!