Here are the details:- Mother owns a home in upstate South Carolina- $170k ARV- $58k mortgage balance- The remaining equity is being gifted to me- Approx. $12k in renovations necessary to make rent-ready- Work mostly done and renters expected in by Feb 1, '21 if not soonerOnce the renovations are complete, which should be done before end-of-year, I can purchase the home from my mother; however, it would behoove me to spike my credit score by paying down some personal debt (which I intend to transfer to the equity of this home upon closing) before originating the conventional mortgage on this property. 

Favorite markets in Texas for Out of State Investors?

My wife, who is a real estate agent, put us in touch with one of her favorite loan officers who works for a medium to small size mortgage company (not one of the big names).

We wanted to offer them $1000 gift but a short sale attorney said it would be an arms length violation.

I own 27% of a rental single family home which was acquired in 2016 and now my grandparents are looking to gift the rest of the 73% which they own to me. 

@Scott Wolf yeah, it is one of my favorite real estate benefits for service members.

Industrial would be my favorite.

I'll be using the equity in the soon-to-be-purchased home (which has been gifted to me by my mother) as collateral for the loan as well as signing a personal guarantee (I have a strong W2 & earnings).

But you can work with your accountant to make it part of her lifetime gift exemption.

@Emily Fackler Just stopping by to say that Kuttawa may be my favorite little town in the world.