gift of equity rules? 1st purchase very green

[Austin Stuart]

As the title says quite new to the world of real estate. I’ll try to keep it short and too the point.

I would like to purchase a home from a family member in the next 6 - 8 weeks. Home hasn’t been appraised yet but based on comparable properties in the neighborhood 200k is conservative. Purchase price of 100k would hold as my primary residence. Using gift equity to cover down payment, closing costs, and any other expenses from the purchase.

Am I able to use the remaining gift equity to renovate the property Immediately?