Buying Condo for Father?

[Tim Barry]

Hey all!

Just have a questions that i hope someone has done in the past.

I would like to buy my father a small 1 BR Condo in MI. This would be a cash purchase. I am trying to figure out the best way to do this. I would probably only have him give me the taxes, condo fee and maybe a small reserve for repairs, so what he actually would be giving me will be well below fair market rent.

What are the benefits/disadvantages of me buying it in my name alone?

Am i able to purchase it in his name? It is around 40k so can i gift that much to him?

Just seeing if anyone out there may have knowledge on how this may affect taxes for me or him, he will also be collecting Social Security in the next year and someone mentioned for me to look into that as well but i dont see how a condo in his name could affect his payment at all?

Thanks for the help!!