Unique situation.

[Thomas P.]

I am about to buy out my aunts 1/2 of a property that she and my mom inherited from their father (my grandfather) The property is owned free and clear.

I have many questions on the way this can be done. The property is a two family w/ a garage that is fully rented. My plan is to keep it rented for 5 years while my income situation improves. I am 24 and just started making a decent salary. The 5 years allows me to save as the rents will cover all expense plus some.

The way I think this will be done is with a cash out refi of 1/2 the appraised value of the home. Now I do not intend to live here immediately so does a refi need to be as an investor? Do refi consider investment or primary? Obvious I would like to get the lowest rate possible and if I can avoid paying higher interest I will. Any ideas how else I can finance this purchase? (My aunt holding the note is out of the question)

How will the deed transfer work? My mom will remain on the deed. If I need a co-signer that is not my mom will this person need to be put on the deed?

I hope I was clear in my explanation of my situation. I appreciate everyone's help here. This forum is fantastic.

Thank you