So do you not have the 20% you originally stated, because you could technically "gift" that to your wife up to a certain amount depending on program which would mean you don't have to sell the home first. 

Which is a gift and a curse.  

Closing gifts (not money) can go to parties of the transaction.  

@Will Bert I try to be on good terms with the tenants as much as possible, so I would offer a small concession, probably in the form of a Amazon gift card for a couple of hundred bucks. 

BP has gifted me with a ton of great info but I've learned just as much (or more) from the people I have connected with.

Are there gift options for buying the Long-Distance Real Estate Investing Book by @David Greene here on Bigger Pockets?

Hello,My parents are looking to gift their Montreal duplex to my sister and I.

@Josh NaborsHi Josh,I am working on a scenario just like yours.There are many ways to tackle the above.My client with a similar scenario also wants to receive property from her dad with out any money from their pocket.So what we will end up doing is we'll take title to the property subject to the current note.Then after 1 day from taking title we will apply for a rate term refinance (fannie mae only requires 1 + day on title for rate/term refi).As long as our LTV is 75% or lower we can do this refinance (along with acceptable income & reserves & credit score) since this is an investment property refinance.The difference from the value that the property was gifted at and the cost basis that was left in the property is considered the "gift," so there are certain tax ramifications that you might want to talk to your accountant about with your dad.I've checked with my underwriter and we're about to review this file soon.The above is really just a creative strategy of Sub2 and a conventional strategy of a regular Rate/term refinance so nothing really complex.Good luck on yours.

Hi Patricia, If I offered to help someone I would refuse money but I would probably accept a working lunch and I'd certainly appreciate a gift certificate (restaurant) or nice thank-you note in the mail.

The greatest gift there is, is giving.