Acquiring my grandparents' home as first investment

[Tina Nicastro]

Hi all - I'm a total newb in REI. I've been reading a lot and listening to a lot of podcasts. And I'm really excited about the possibilities available in real estate, especially over the long term and in building generational wealth.

I have a potential opportunity to acquire my grandparents' home for my first investment property, which I think is well- suited for a long-term rental. But I want to do it in a "clean" way so that it's a fair exchange with my dad, uncle and the family estate. The house is already paid off and they are preparing to sell the house.

I don't have enough money saved for a downpayment right now, and my credit is average (I've been using credit a little more over the last year investing in launching my online health biz + in educating myself about real estate investing).

So.... here are some initial thoughts I had: 

- see if my dad (as the executer of the estate) would hold the note, and I could make monthly payments to him as if he were the bank - then when the time is right, refinance and pay him/the estate for the house

- ask if he'd lend me some money for a downpayment or co-sign on a mortgage so I could take over ownership of the property, and then pay him back over time

Any other thoughts / advice would be much appreciated!

Thanks!