I'm trying to get some guidance on what steps are necessary and sufficient in order for me and my wife in order to obtain legal ownership of a property which is currently owned by a parent.
We are currently living in the home and have a high level interest in owning the home in order to make major renovations. Renovating the home is the primary motivation for considering all of this. Parents do not necessarily want to spend any time and energy on renovations. We would like some pointers on how we can make this happen technically speaking. The owners of the home, parents of one of us, have also an interest in making this happen as well.
Parents are okay if we somehow pay them 50% of the market value of the home, or less. The parents also are interested in minimizing the tax burden on both parties.
The market value of the home is around $650,000 and located in Los Angeles County, California.
Any insight is appreciated. Thank you in advance for the help.