I need some advice about a complicated situation

[Aprilwise]

My grandfather has land in the country side with a decently sized home which he tried to fix up, but is no longer able to. He gave me the idea to gift the land and house to me so that I can be the one caring for it. It would be a good for me because the apartment we're living in is getting cramped and moving will be a good option, plus I won't have to deal with rent. Now, here's the problem. The house isn't in the best shape possible, so it needs a lot of work. How would I approach this to get as big of a loan as possible for renovations? Also, how will this related to my grandfather's Medicaid status? Someone mentioned that it might be a problem because he's gifing the property to me. Anyone have any ideas or suggestions?

 

[tinydepp]

For the renovation loan, once its already in your name, you could look into options like an FHA 203(k) or a home equity loan if the property's value supports it.

 

[Thefuture]

Hey have you looked into consulting a financial advisor who specializes in renovation loans and Medicaid regulations to understand the best way to handle the gift without jeopardizing your grandfather's benefits?