Best possible way to purchase 3 unit rental from parent's LLC?

[Jacob D.]

My originally purchased a 3 family in his own name, he quitclaimed the deed to his LLC. He refinanced a year ago and the mortgage is for about about 70% of the appraised market value. Unfortunately he's starting to feel old, but wants to sell it to me. What is the best possible way to purchase / transfer his 3 family to me? He ultimately wants to use the 25-30% equity he has to pay off his personal home. He's also willing to give me 6 months to figure out how to buy it. How would you buy the house if you were in my situation?

Notes: I currently have a 25% downpayment available in short term treasuries. I also own two other rentals, have 2+ years landlord history, make high W2 income, have great credit, plenty of reserves and no other debt. The rental is fully tenanted and cash flowing well.

- Is it possible for his lender to allow me to take over the mortgage (especially since I am an ideal buyer), and I can just pay him the 25%?
- Is this an "arm's length" transaction even though the rental is under an LLC? (What does that mean? / Can I even buy with a conventional mortgage?)
- What type of lender should I be looking for?