Father inherited a property and now I want to purchase and flip

[Maria Bivans]

Hello - my grandfather recently passed and left his free and clear property to my father and my uncle. My father and I want to buy out my uncle and then flip the property as it is in need of dire renovations. The deed is currently in both their names (father + uncle) and it will most likely go into my name alone. My father isn't into REI and is going to let me have this. My plan was to deed it into my name now, wait 6 months and do a conventional cash our refi and use that money to payoff my uncle his half. Use the cash for renos and then sell. My question is - are there any serious tax situation I should avoid? Is it okay to deed into into my name right away or do I have to open an LLC for this? This is in MN and I am single no dependents.

Thanks in advance. This will be my first property.