Quit Claims and Options after being put on a title

[Ver Andrew Starr]

Hi BP!

Been lurking for the last year and wanted to finally post with some knowledge after reading some books and following the podcast and forums. I spoke with my mom and she wants advice on what the best option to get our property off of her hands. She is currently the only one on the title of the house I grew up in but is retired and lives in the Philippines. She was wondering what would be the best option to have me manage the property. She doesn’t want to wait until she’s gone for me to inherit it so she looked into a quit claim to where she can add me on the title. That said, if I were to be added to the title, could I subsequently get a mortgage on the property to do a couple things like pay off her heloc, do renovations, invest elsewhere to grow that money she has tied up. She has other properties so she is ok with giving me the reigns on this one.

Anyone have advice on this scenario or any other alternative options that I could look into?

Thanks in advanced!

[Mike S.]

Unfortunately after looking it up, I don’t believe that lady bird deed is available in your state.