Getting Loan with Property as collateral with bad credit?

[Eduardo Magana]

Here is my situation my parents own a rental propertythat we recently became partners with. The problem is we became verbal partners since they aremy parents. Obviously I didn't think this thru. The rental has been owned for over 20 years. The property wasunder distress since my parents are older and did not have any formal training in how to manage a rental property. I never got involved with my parents rental because I always felt that business and family don't really mix. Recently my father got in a financial situation and he got behind in a few payments, at that exact time I had just sold a property and was looking to invest in my next project when my father asked if I would like to buy it from him? That sounded great but I have some recent credit issues I am trying to resolve, so I cannot buy right know. So I offered my father, what if I invested themoney to fix property and manage property so we could increase rental income and we would divide everything across the board including a sale of property once everything was said and done. The problem know is that once everything was fixed including all new tenants with higher paying rents my father is not wanting to sell property since he is receiving nice cash flow. I personally don't want to sell property. Our goal know is to purchase more properties with the equity the property has. My father's credit is bad (below 500 due to late payments) and his income would not qualify for a refinance and the property is under his name not mine so I can't use my credit or income to qualify for refinance. Any ideas would be helpful. I really want to keep investment money moving towards growth.