Oh yes..and I have a gift for the OCWEN rep who doesn't like her name mentioned (Natalie)..CHAPTER 13 BANKRUPTCY.

Fortunately the small profit we're taking should cover the upgrades the Mrs requested before we move in (plus whatever home depot gift cards we get from the bridal shower of course haha) What made you interested in investing in this type of deal?

However, if your parents really do have an interest in the property and have treated it as partly theirs and/or have reported some of the income tax consequences on their tax return the answer will be different and recording the quit claim deed may have other unintended tax consequences such as gift tax issues.

She will be selling it to me for $120k but is gifting all equity above $85k (my loan amount) which is acting as my down payment.

I was thinking of asking the current renter for 5 min of there time, maybe even give them a gift card for their time, and get their take and any property history info they may have.Also, if everything else checks out, my plan is to use a HELOC to purchase it and then rollover to conventional financing in a 30 yr fixed.

What are ways to avoid getting taxed on this gift?

You win on both ends, but make sure you plan for the exit strategy, as I am sure you will :) That's a deferral not a gift - well, it sort of is a gift...

The final loan amount will be 75k so the purchase agreement will be $93,750 with a down payment gift of $18,750My brother has good fico scores, 3 open trade lines with each line not exceeding 30% of its limit.

I'm in Jax too - just got a gift certificate to the new Top Golf for my b-day so maybe we can hit some balls and chat REI sometime.

Good Morning,A friend of mine was put on title of a rental condo as a gift about 5 years ago.