Family member transfer of property so we can pull equity?

[Thomas Wever]

Hi everyone,

So we have been trying to invest in Florida for the last year, while just monitoring different markets in our area and running numbers but so far nothing. My question is about how we can finance our investments. Basically my wife's father bought us a property, all cash in 2013 for 280k. The property has since appreciated and current comps put it conservatively around 400k. My father in-law kept the property in his name with the intent to transfer it but never got around to it.

We want to use the equity in our house to come to the table with cash on two rental properties (100k-130k each) within the next 12 months. At the same time my father in-law is ready to "transfer" the property to us. 

I guess the ultimate question is what is the best way to get the property into our (wife and I) name so we can utilize the equity for future investments? And once we do this will we have to go through this "seasoning" period before the banks will allow us to pull out the equity?

Hope this is in the right forum.

Thanks in advance for any tips or advice, can't get enough of BP!