Acquiring a property from family

[Rik Wallace]

I have VERY little knowledge regarding the intricacies of acquiring a property from a family member and am looking for advice. I won't dive too deep into the details but short story, my grandmother has been moved to a home and her house will be repossessed by the bank in the coming months. The outstanding balance on the home is approximately 340k and the ARV is $480 +/- 20k. My question is how do I assume the loan without having to pay a down payment for a new investment mortgage?

Any advice is welcomed. Thank you

Oh and this house is in Salinas, CA