It is a rather involved process, that is best to consult with an attorney. I can explain the highlights of the process a bit. If you like please call me and I will be happy to refer you to a good Real Estate attorney as well. 630-915-1730.
You can do this. There are a couple of tripwires, though.
I would be happy to take you through this scenario, but it's a little complicated to lay out in a limited number of characters.
Feel free to contact me and I would be happy to help you make the best decision and/or structure a transaction like this.
john greene Realtor