Newbie with SFH opportunity: Family Matters and Prop Tax Exempt?

[Ryan J.]

This would/could be my first deal, and though the word "deal" may be a stretch by the numbers, there are a lot of factors that I'd appreciate some feedback sorting through to see if we should go forward.

The scenario: Just less than 2years ago, my grandfather died. For the past 8mo my grandmother has moved out of their home. It is a 3bed/2ba SFH with a big lot (for the area) RV and boat storage. Grandma owes $115k on the mortgage, house appraised for $340k. Property needs ~$20k in rehab. Rents in the area ~$2100.

First, we tried a creative financing approach where grandma carries the paper. She was not for it, just wants "to be done with it" and sell the house as-is.

So, instead she is willing to sell the house for $315k, give $15k as Gift of Equity towards 5% down payment.

Here's the twist. At this sale price, PITI = $1925/mo.

BUT, the county allows an exclusion from property tax reassessment if a property goes from Parent to Child (not Grandparent To Grandchild). The Assessor's office already confirmed a DOUBLE Parent - Child Exclusion is allowed. This would require the property to go from Grandma, to my dad, then to me. We could keep property taxes low and PITI would only be $1675/mo.

However, we are uncertain of how this superficial transfer of title to my dad could occur, and how the title could be held in his name but then payment could go to Grandma.

My questions for the collective brain trust of BP are:

How can we orchestrate the transfer so that we can file the exclusion from property tax reassessment twice (once from Grandma to Dad, once from Dad to me)?

If we can keep PITI at $1675 is this a good deal?

If we cannot execute the double exclusion and PITI is $1925 is this a deal worth making?

Thanks in advance for any and all input!