1st investment opportunity - rental to family?

[Daniel Smith]

Hello all, long time reader first post.

I've been looking for my first real estate property for a while, but now something came up within the family I'm considering. My grandma currently rents out a senior housing apartment, so another close family member wants to partner up and buy a condo for her to rent. Doing the math, she could cover all the costs but it wouldn't really cash flow but very little. Yes, I realize there are better deals to be made out there; but for my first investment property it seems like a pretty safe way to get my feet wet. Thoughts?

Thanks in advance,