Advice on how to acquire a rental from my parents.
Any help will be much appreciated!
Situation: My parents own a rental property that they would like to get rid of in July of 2021. The property is worth $155k per the comps in the neighborhood and they owe $70k on the home. It rents for $1600 a month and the current mortgage is $600 a month on a conventional loan.
Goal:
I would like to acquire the property without a new loan.
Issues:
I have researched assuming a loan and it seems that you aren't able to do that with a conventional loan but you can with an FHA loan. I would love to assume the loan and then refinance after 6months or a year to cash my parents out of the home. I'm trying to figure out the best way to make this deal work while getting my parents their $80k, saving them on agent commissions, and saving myself some closing costs and a down payment, I'd also prefer to not have this affect my credit as I would like to purchase another rental using my credit and I'm not sure I would qualify for two more homes.