Refinancing a house that is given to me...?

[Brendan M Brown]

I am soon to start my real estate investing career when I sepearare from the military next month.

My father mention to me that if I wanted he would sell me his home (that he owns free and clear) for much much lower than it’s worth.

Now I started to consider it, and came up on the thought of, "if I purchased it for much lower, could I then have it appraised and get a larger loan on the value?" Almost like a BRRRR strategy without the rehab part.

This sounds almost illegal and unethical, so I’m just curious as to the answer if there is one to this.

Let me know, thanks!