Obtain Property From My Father

[Matt Weiss]

Hi All, 

First post, long time lurker and I haven't been able to find a post that addresses my situation.

My dad owns a 4-plex multifamily worth about 180k. He owes about 90k on it and around 13 years remain on the mortgage. The property cash flows 2400 a month and has a killer location.

He's owned it the last 20 years and he's getting burned out. He wants to sell it OR be hands off. He's open to something creative, rather than taking the windfall of a typical sale.

My goal is to obtain the property and maximize the value for myself and my dad. Below are what I know as options.

1) Conventional - My dad gets the lump sum, but I don't get any benefit 

2) Land Contract - My dad wins the "long game" with financing it to me, maybe he'd offer a price break.

3) Living Trust or Land Trust? - Is there a creative way to use either of these to acquire this? How would that work if possible?

4) Is there another way family can obtain property in a situation like this?

Any insight into how you might go about this would be much appreciated.

Thanks,

Matt