How to buy property from father

[Pablo Espin]

I would like some thoughts/assistance on what to do with a scenario that I am currently facing. My father has a house located in Ft Lauderdale, about 10 minutes from airport and close to Las Olas and Hard Rock hotel. Its an older community but from looking at AIRDNA its not a bad place for a Airbnb. My father is retired 80 years old, he is on a fixed income and only makes like $800 from his social security. He has a house that he still owes $200k w/ %4.5 and 30 years left on mortgage(he has been refinancing without telling us). Anyways, the house he currently has will be appraised anywhere from 425k at low end to 500k high end. We want to rehab the home which will be about 30k it just needs some updates and also with that we can furnish the house. But we also want to give my father 50k so he can pay his car off, and bunch of credit cards that he has not told us about. I could buy the home from him but then I wouldn't be able to get any of that cash. He does not qualify for heloc due to his income. Is there anything I can do, besides just buy the house from him? I was hoping to do a cash refi but not sure if that is an option with his name still on the deed and mortgage. Would love any inputs/thoughts on this scenario. 

[Pablo Espin]

Scott, thank you for the input. When I asked about a Heloc, the bank stated that he does not earn enough money to qualify.  I have not heard about the non-occupying co-borrower so I will talk to a local bank and discuss it. 

The end game is, that my father will be living with either my brother and I. We want to rehab the home then turn it into an AIRBNB, also have his bills paid off, lastly we will give him some of the $$ we make of the airbnb. The good thing about his property, he already has a LTR in the back of his house and she pays us 1k a month, so that will help towards the mortgage. 

Let me know if this makes sense to you.