Advice on Purchasing Family Home

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Me and my wife are talking to my father in-law about buying family home from him. He paid 85 for it and is asking 105 for it. The house has about 100k in improvements needed. What would be the best way to pay him off and still have 100 to use for the remodel? He is offering to tittle it straight to us so we don’t go through hassle of buying it conventional way. Would we just refinance the house for full value? As is its prob valued at 180-200. We both make over 100 a year and both have great credit.