Brand New to investing in Queens, NY

[Sochima Eze]

I purchased my primary residence approximately 3 years ago in Freeport, NY and I am looking to purchase my father's property in Queens, New York. He currently owes $134k and the approximate value of the house is $500k. I read that my father would be able to give me a gift of equity to make up the difference and also account for the 20% down payment, thus avoiding pmi. The house is a multifamily and my father would continue to live in one unit and I would rent the unit upstairs. I wish to do it this way to save my liquid capital and focus on the next project. 

Before I pull the trigger, I am certain there is a wealth of knowledge on here that I could benefit from.