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You cannot quitclaim a business. Real estate property can be quitclaimed. So just making sure that this is what you had meant.
It is not illegal to do what you described, but of course the original owner has to be in agreement with all of this and must sign off on all of this. Because your field has many unethical individuals in it, the presumption is that you would be trying to "pull" something unlawful or at least, unethical. Ergo, all steps must be clearly agreed to in writing with the owner.
Also note that once the owner gives you 51% of the property, the lender will likely accelerate the loan regardless meaning it would be do all at once due to the quitclaim, so one should be prepared to pay it off immediately.
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