How to buy with family and transfer title

[Steven Caligaris]

Hello!

I'm trying to accomplish my first transaction this year and would love to invest (owner occupied) in a multi family property ~350/400k but capital is a problem. I have about $40-60k cash that i could use but would prefer not to drain it all.

The problems that I am encountering are:
- most multi family are being sold quick and above asking price (super competitive due to low supply and strong market)
- I cannot provide an all cash offer which puts me at a disadvantage
-I'd like to purchase a home that i can put some sweat equity but it would be hard to qualify and FHA loan for that type of home and i don't have the capital for 25% on 400k = $100k

My proposed solution:
- Have a family member (lets call him Bob) use their HELOC to buy the home with cash
- Then have him sell the home to me

My questions are:
1. Is there a way when Bob buys the home that I could be put on the title as well?
2. Then after we've bought it and i've used my capital to renovate, can i then get a refinance to pay back Bob his initial investment?
3. Would it be possible to then remove him from the title?
4. Can I refinance without putting Bob on the mortage if he is still currently an owner of the home?

Any guidance is super appreciated!

Thanks,
Steven