in five years, my parents intend to move out of their home. my father hopes to sell me the house well below fair market value (being worth roughly $200k; he plans to sell for $75k).
my plan is to deposit what i currently have saved into a myga to maximize its growth. Additonally, i will be committing an additional 1,000 a month into 13-week t-bills set to reinvest automatically. at the moment, i have no expenses and would be well positioned to set aside the money comfortably. is this a good plan?
regarding the actual purchase process, i have read it would be ideal to secure a formal appraisal, write a gift of equity letter, and fill out a form 709. i've also heard suggestions for a quitclaim deed. any other tips and explanations would be appreciated, as my understanding of the purchase process is, admittedly, a bit modest.