Taking over property from retiring father...FAQ?

[Juan Espinosa]

My father is retiring soon to Mexico, and wants me to take over his rental property. The home cash flows very well, but he owes as much as the home is worth. And I'm currently maxed out on getting another loan. I currently have 3 SFH which I am either the owner or partner.

I would be taking over as if I were the owner. Paying the mortgage, collecting rent, handling expenses. And I would also keep any cash flow at the end of the month. (Some might be asking why would my father give up this cash flowing property so easily? Simple, he is 74 years old, he already has a house in Mexico, the cost of living is very low there, and most importantly, he is a great father.)

My questions are

What can I do to have my name on the deed itself, in case of emergency?

What other steps can I take in order to protect not only my assets, but those of my father as we'll?

Any help would be appreciated thanks!