Financing rules when buying from relatives

[Jason Breaux]

I'm in the process of buying my dad's house for rental property. He acquired the house this past week by paying off his ex sister in law. The mortgage was in her name (long story). The pay off was $40k. The tax assessed value is $70 and Zillow estimates $115K FMV. He is selling me the property for tax value ($70k). I have the cash to purchase and make repairs bringing the ARV to $150k. What are my options to finance/refinance to pull the equity and BRRRR. If it matters it is a manufactured home.