Newbie / Gift of Equity

[Dylan Otte]

Hi everyone, 

Newbie here to the Bigger Pockets forums, and have a question regarding Gift of Equity.  

My parents own a small mixed use building and we are in very early stage conversations about selling it to me for about half its assessed value using a gift of equity as down payment.  

My family lives in the building so I'm assuming as long as the purchase prices is $250,000 or less the capital gains tax exemption will apply to my parents, does this even apply if the purchase price is way below the assessed value of the property? 

Can gifts of equity be counted towards the lifetime gift exemption so no one will be taxed on that either?  

If I buy for $250,000 lets say, and the down payment is $50,000 (paid for with equity), and the remaining equity in the building is $150,000, I get that equity correct?  How quickly can I turn around for a cash-out-refi as soon as the deal is complete and title/mortgage are in my name?  

Can anyone recommend a Mortgage Specialist in the Minneapolis area that can walk through some of the possible hurdles/outcomes of this type of deal.  Thank you!