Need help with making this deal work with my dad

[Marc Young]

My dad just moved and is renting out his house. Him being older he wants nothing to do with being a landlord. He wanted to sell but didn’t have enough time while buying his new home. He offered to sell or just add me on to title and take over the loan. All he wants is cash that he would get by selling the house. The goal is for me to get on title and take over. I want to continue to use this house as a rental. So here is my question. The equity is 100K that I don’t have to cash him out. Is there a way to do this? I was thinking of getting a personal loan and use the $ that the tenets pay to pay off the personal loan. It’s $800 a month. 

After that loan is paid off I would have that cash flow, and the equity in the home. I am super new to this. Is there a way to make this happen?

Or any other ways to get him his cash and me to take over his loan? 

Thanks for the help!

[Brandon Croucier]

If you can get a 100k Personal loan then go for it.

[Tim Delaney]

You mention going on title and taking over the loan - is there an existing mortgage? In that case you would be buying the house subject to that existing mortgage and borrowing an additional $100k? So that $800/month the tenants pay needs to pay both loans. Is that going to work? What about taxes and insurance, how much are those?

If you provide more details on the home value, existing mortgage remaining and what the interest rate and payment are you may get some better advice.

Is your dad willing to take that $100k of equity over time instead of all up front?

[Marc Young]

The house is worth 275,000-290,000

He owes 162,000 I want to take over that loan with a 1100 mortgage payment and the tenant pay 1900 per month. He’s willing to have me take over but he wants the difference between the 2. 
he said he also will give me 25k off the price

I was wanting to use the 800 flow to pay off the loan. I don’t know if I can get 100k for 800 a month or if there is a better way.