Please advise- no cash - great deal

[David Denney]

Need advice on a single family rental. My parents bought the hime for 57k. My father and I completed a full remodel. He now has 70k in it. I helped him get it rented- 1200/ month.

My parents have decided to offer the house to my wife and I for 80k. The ARV is Likley 110k to 145k. I'm guess 130k.

Issue: we have no cash to put down as money has been tight. 

I called a credit union and they said I could do a gift of equity loan but still need 5k for savings or a heloc. Both would have My monthly payment between 750 and 900. Any thoughts on the best route to go with little or no money down? My parents are flexible and will work with us. Would love to hear thoughts on loan ideas- thanks folks!

[AJ Exner]

Quote from @David Denney:

Need advice on a single family rental. My parents bought the hime for 57k. My father and I completed a full remodel. He now has 70k in it. I helped him get it rented- 1200/ month.

My parents have decided to offer the house to my wife and I for 80k. The ARV is Likley 110k to 145k. I'm guess 130k.

Issue: we have no cash to put down as money has been tight. 

I called a credit union and they said I could do a gift of equity loan but still need 5k for savings or a heloc. Both would have My monthly payment between 750 and 900. Any thoughts on the best route to go with little or no money down? My parents are flexible and will work with us. Would love to hear thoughts on loan ideas- thanks folks!

Would your parents consider going in on an LLC together with you and your wife? Most lenders are going to struggle with a purchase deal as it is because of it being an Arms-Length Transaction.