Family Purchase BRRRR

[Randi Thompson]

My grandmother would like to sell her mothers house which she inherited to me and my husband. We're going to essentially do a BRRRR deal, but I wondered if there was a better way to do it. Instead of buying in cash and closing twice (after refinancing), we'd love to do the rehab while she technically owns it then buy it once. My concern would be that, since this wouldn't be an official refinance, would we be able to pull all of our money out? Or would the bank just loan on the purchase price in this case?

Does anyone have any other suggestions? Possibly seller financing?