Transferring deed to family members

[Dominique Collins]

Hi BP,

So my grandparents have a property in New York that is going to be passed down to me when they pass away. Seeing how real estate has recently peaked my interest, my grandparents have no issue with me taking over the property while they’re still living. The house isn’t in the state I live in, but it’s paid off and is being rented to a long term tenant. 

My question is, what’s the best way to go about transferring the deed to me? I’m interested in doing a cash out refinance in order to have enough money for down payments on other properties. 

Thanks in advance and I look forward to reading your responses!