Taking over parents' loan and second property

[Walter Frazao]

Good Morning All,

I retire from the military in late August. My father owns two homes right next door to each other. One is valued at 225K the other at 240K. Each one has been converted into a two family. My parents live in bottom unit of one, tenant upstairs. There is a tenant in the bottom unit of the other, and I want to move into the upstairs unit. There is a mortgage of about 160K on the unit I will move into. Recommendations on how I can purchase both properties from father for value of loan. 

Was thinking of utilizing a cash out refi to purchase a third 4 family unit. 

Thoughts on this? All help is appreciated

Respectfully,

Walter