how do i buy my own house? sounds funny,right?

[Sergio Rios]

While I was house hunting my dad bought a house he intended to rent but we liked it so we moved in.

he paid $100k with a 20k down payment that left me with an 80k mortgage balance.

The house was a foreclosure and is now appraised at 135k.

He considers the house mine. I pay the mortgage, maintenance and all the fun stuff required with homeownership.

He needs the 20k back for my sisters college tuition in 4-5yrs.

I think it's as easy as me qualifying for a loan for 20k+ mortgage balance (70 something) and any closing costs/fees...

or am I wrong?

he won't care about the accrued equity or anything in the property, he just wants his down payment back.

Does the equity affect this seemingly simple transaction?

he doesn't GAIN any profits so that should eliminate any taxes paid...right?