Hello!I have found myself in a bit of a situation...I am currently in contract to buy a house.  Due to high volume, the appraisal is set to take place a full month from now - on the day our contract period expires. We...

If getting money from other relatives ask your lender for a gift letter.

My father is gifted with mechanical and contractor work and is able to help me with managing the property. 

Cash out and "Gift" the entire sum to my fiance.

From my experience, if your current resident does not want to own the home, they are not going to take ownership of it in the long run and you'll get the home back, often in worse shape.If you gift it to them, the advantage for them taking on the liability would be only paying lot rent.

However, from an income and gift tax perspective this could be a nightmare later on.If your parents sell you a $100,000 property for $10,000 they have in effect gifted you $90,000.

That will need to be replaced and this is the easiest and most friction less way to get it covered. 

and then recast to save some money on monthly payments... seems easiest/quickest and I won’t spend extra in closing costs... and I don’t need to pull out money from my primary with a refinance right now so I could always do that later with my equity or if cash got tight...thoughts?

The easiest thing for all parties was to just part ways and wish him well.  

But have yet to meet that gifted Real Estate Investor.