Hello Roberto,If your father will wait at least 3 months from the day he took title, he may be able to get a rehab loan, as the HML may lend up to 90% of the as is value of the property as cash back at closing.

I'm a 25 year old father of two working in the medical field and have been trying to get into real estate.

Hey everyone, I have been doing driving for dollars lately in my local area and I have found a good amount of homes that look distressed and could be good opportunites for wholesale deals.Today I called one of the owners of the property and she said it was her fathers house who passed away and it was near the lake so it has a lot of upside, but it had some flood damage to it.She said she wasn't in a rush to sell it but if the offer was good she would consider it, the thing that kinda confused me was she said the house is nice but the property value and the lot was where most of the value was.

Her father has died and is looking to move the property as quick and fast as possible.

I am dealing with four properties with them as I have financial power of attorney for my ill father, who owns them (so this is all quite new to me).

My father is a landscaper and is usually slow in winters (besides plowing) and hes on board to help renovate.

My father has had his house for about 23 years now.

Her father tried to be an entrepreneur and had some cool inventions but ultimately was never successful in business and the family suffered quite a bit for it.

So you'll want to get an okey dokey from your accountant but your father is probably OK selling two of the duplexes to you and doing a 1031 exchange as long as you hold the properties for a minimum of two years. 

Not sure if that's a good rate or not if we went that direction.My father in law has encouraged us to go ahead and lock into a conventional mortgage, but my concern there is the appraisal, as the house in its current condition may not appraise for the sale price.