Advise for a Newbie

[Angel Nieves]

Hi,

I am looking for some advise/knowledge that anyone might be willing to share. 

First, let me give you some details.

I am considering purchasing a Brownstone building from my Father. Located in New York City. Estimated value is $1.2M. Looking to negotiate a price of $750K. Payment plan will be be 10K/Month for next 6 years, 3 months (no interest incurred). No Bank/Realtor will be used. I am fully aware of the status of the building. It needs to be completely gutted and renovated. No extra mortgages were taken out on it. It is completely paid off. I am also considering partnering with another family member. I am located in AZ, They are located in NYC.


Since a realtor will not be used, What steps need to be taken to change the deed?

If I partner with a family member, Which would be a better option to protect myself. An LLC or General Purchase Agreement?

Any thoughts/opinions would be greatly appreciated. Thank you all!