family property transfer

[Kevin Gamboa]

hi all. i have a family member trying to transfer property to another relative.

property details:

purchase price 415k in 2004

about 200k left on VA loan

current valuation about 500k

the owner is trying to transfer the property to another relative without an agent. I'm thinking quitclaim the title, then, if allowed, transfer the mortgage, then cashout refinance to pay the original owner some money. 

Is this the best route to take? 

there would be no down payment required because of how much equity is in the household, correct? looking to cash out about 150k

if the mortgage is not assumable, what other options do i have?