Cash Out Refi and Quitclaim?

[Chris Ramos]

Hi all! I'm very new to REI, so please forgive any ignorance here! My dad sold his business, but still owns the unit (1 of 10 medical office units in a complex). The new owner of the business pays $4k/mo. My dad believes the space will appraise for $350k. The mortgage has been paid off a few years ago. He's thinking he wants to just sell it to the new owner and cash out. I'm trying to convince him that the $4000/mo makes much more sense, and to hold on to it. Of course, I have interest in owning/managing the space as well. The new business owner has the 1st right if the building is to be sold. Would there be an option to cash-out refi, so that my dad could pull out a large percentage of the cash, then quitclaim it to me, and I would pay the mortgage, out of the monthly rent (I would also handle the property management). The lease requires the building owner to be responsible for roof HVAC, parking lots (shared between the 10 units). Occupant pays taxes, utilities, etc. Thanks for any insight, and I'm happy to provide any more information that I can to give a more clear picture of the deal!