Family Giving away duplex. owner finance Tricky???!

[Gilbert Gomez]

Hello BP I have a question a family member is willing to pass on a duplex in Los Angeles worth $450,000 he has $200,000 in equity which he wants to extract and I just keep making the monthly payments of $1300 and pay off the rest. Now how can we go about doing this he is retired and still has a mortgage and I have absolutely no credit will this effect him extracting his equity. And should I do a sub2 or owner finance ? What exactly would you guys do??? Thanks