Transferring Dad's property into my name.

[Jason Wilson]

My dad bought the house for a dollar and I was planning on buying it from him for a dollar as it is a vacant property that needs over 70k worth of renovations to make it livable. He does not have the desire to get a HML and refinance and do all the leg work himself. Therefore, he said I can have it for free. He owns it outright. How do I achieve this without screwing up and owing tons of taxes or something.

Thanks,

Jason