@Jordan Akins Talk to your accountant or @Basit Siddiqi above, about your dad 'gifting' the property to you and the associated tax savings with that transaction.

@Kynly Cazeau usually first time home buyer programs are highly leveraged, meaning there is little or no downpayment required, or the downpayment is itself a gift or second loan.So if you bought it back in September then the property has an extremely high loan-to-value, for example 95%, 97% or 100%.

He could gift the properties to a Trust.

I also picture them happy.Self actualization: I tell myself that I can do it and become a successful REI, and God has blessed , with gifts and tools to attain a life of joy and abundance.

You may walk away with a deal from both of them, it will only be beneficial to both of them that the place gets done and they have money coming in. that's probably a losing property as a "Gift" but it's all in the deals you can make with the seller, bank and town.

You can call it a "gift" which there is a limit per family member.

People are gift shopping not house shopping during that time.

gifts from family or friends , your 401k 

(Disclaimer: I'm definitely anewbie, so sorry if this question is elementary) I've done some reading about using creative financing, however I recently spoke with a loan officer about different ways that I could get a specific deal financed and her told me that it is illegal to get any financial assistance for your down payment (i.e. if you're going to get a mortgage on a property 100% of the down payment has to be your own money that got earned and cannot be money that was gifted or borrowed).Can anyone validate this?

Hope your kid tests into a classical or gifted school?