need tips for best purchasing scenario for incredible deal

[Don Smith]

Just starting out and this is my first deal. My brother in law has a property in Oregon( I live in Socal) he wants to sell us for 85,000. He paid 30,000 from bank and previous buyer paid 180,000 for it a few years ago. its a fixer upper, 2bd, 1bth, 1/2 acre beautiful lot across from a river. Comps in area are $250,000 and up. He is willing to sign title/deed to me with no money down, and i was thinking of taking a home equity loan for 50,000 for rehab and selling for $200,000. That's my 1st scenario and best option i think. Scenario 2  would be private lender which leaves me feeling insecure as my credit isnt great. My wifes is good, but she had a bankruptcy 4 years ago. 

Can he just hand over the title to me? how does that work as far as taxes? What are my chances of the bank giving me an equity loan? 

I have to move fast!!! He already has a buyer at 100,000, but wants to help out his sister(my wife) and me.