Hello BP Community,
My Sister would like to gift me and my other siblings our parents home, with our plan being to get a heloc on it and rent it out while investing the money from the line of credit into rentals or flips. We owe 100k on the mortgage about ¼ the value. She would not qualify for the heloc on her own thus the reason we feel the need to transfer it to all our names so me and my other sibling can co-borrow on the loan. The strategy I need to figure out is the best way to make this transfer of ownership happen with the minimal amount of taxes paid on the 'gift' portion (equity). Also, if there is a way to get around my sister not gifting the home and instead somehow transferring ownership to me and my other siblings to obtain the heloc on the home.
If anyone has any suggestions, please let me know. If you also know of any good CPAs who deal in real estate in the Dallas, TX area, I would appreciate a reference.
Thanks for reading and I appreciate any help!
Gabriel
