Leveraging a Rental Property

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Hi everyone,

I recently acquired my real estate license and have dove deep into Bigger Pockets, listening to the podcast, reading BP articles, reading forums, social media, etc. The situation I am currently in is an interesting one and I hope someone can enlighten me on the right path to take. I am 20 years old and eager to start investing in a rental property, I'm halfway through college and my hope is to have a couple of property’s already generating cash flow by the time I graduate in 2 years. 

As we all know the hardest property to get is the first one, this is where my unique situation comes up. My grandparents bought a property in 1973 for $75,000 which now generates roughly $100,000 a year and has increased to 7 figures in value. After the passing of my grandfather a few years back the property is still in my grandmother's name but my Father handles everything with the property. Such as speaking with the property manager, dealing with accounting, and keeping an eye on everything. I've spoken with my Father and he's asked me to look into how to leverage the property. Is this something that we are able to do? Can we use a HELOC or Cash-Out Refi with all this built-up equity in the property? Or is this something that isn't possible until we inherit the property?

Overall, I want to get involved in real estate and will find another way to finance property whether that be an FHA loan or going in on a property with my Father.

Any information on this would be helpful

Thanks