Family owned commercial shopping center

[Omeed O.]

Hi,

My parents own a shopping center. It will be fully paid off in about 2 years.  In the shopping center we have our own store occupying the entire space.

My dad approached me saying he wants me to take over the store and all its assets for free as a gift,If I buy the building from him. That way he can cash out and retire.

They bought the building for around 350, 20 years ago. We are guessing it's value around 750 today. We haven't had it appraised.  It does need a new roof, repaving the parking lot and general repairs.

Currently I own one condo worth about 100k free and clear

Personal house has 170k mortgage and I have about 20k in personal debt.

What do you guys think?   If I took the deal would I get approved for a 700k mortgage?

[Joel Owens]

Omeed you need to talk with your family tax attorney and estate planner for how you would optimally structure this.

No legal advice given.