Leveraging equity in a property to buy another property

[Carin Kveton]

My father lives in WI, and wants to go to AZ (family there/warmer weather). He's fine to have me pull out and use equity on his existing property. How can I do that? (I currently have some rentals, as well as 2 fix/flips. Because of the fix/flps, my money is tied up.) What my father and I would like to do is this: leverage the equity in his property to help with a down payment/purchase a duplex in AZ, have him live in 1/2, and have the tenant in the other half help support the property. We plan to keep his current SFH as a rental. I believe I need to have a Quit Claim deed (I am the primary for his medical and estate, should anything happen to him; so I believe I need to get a Quit Claim deed anyhow, to prevent the property from going into probate). Anyhow, IF I get my name on the deed, is that helpful to assuming his mortgage, or is that a whole separate deal? If I reach out to the lender, can they just put my name on the mortgage, and then I can either refinance, or get a second? I know mortgage lenders are particularly fussy since the 2008 downturn, so i'm thinking that won't work. IF it isn't helpful, what other way can I do this, short of buying the property from him? Or is that the only way to do this? Any suggestions, guidance would be MOST appreciated! My father would like to spend Christmas in warmer weather this year. ;)