Help with quit claim process

[Ryan Flake]

Hello,

A few years ago, I needed my father to co-sign on a mortgage with me to buy my first home. We decided he would just buy the house instead and I would pay in an unofficial mortgage each month. I moved out of the home and now have renters in it. I would like to get a bank mortgage on it and use the money as down payments for a few more rental houses. I know this is leveraging like crazy but I want to do it. The bank would want my father to sign the mortgage as well for the deal but I don't want to involve him any more than I have to. If I were to do a quit claim deed and remove him off the title, what would the implications be? Would it count as a gift which I would have to pay tax on or since we bought the property "together" technically, it would not be a change of ownership and I would not be liable for taxes? Any other issues you could see with this scenario?

Thanks