Legal Question in Real Estate Law in California

He can, but it will have adverse tax consequences sooner or later, as well as issues with government health benefits if the house is worth more than you pay for it.

Your question should perhaps be addressed to Florida attorneys, as there could be some local laws or policies we California lawyers wouldn't know about. However, one rather general rule that is probably incorporated into the laws of Florida is that a transfer of property for below fair market value is fraudulent if the purpose or effect of the transfer is to make it more difficult for a known or likely future creditor to collect. Such fraudulent transfers can be voided (set aside) by a court. California's version of the Uniform Fraudulent Transfer Act can be checked out at Civil Code sections 3439 to 3439.12, and most states have adopted very similar legislation.