Buying a house for cash, and paying a relative in payments...

[Scott Kenna]

I am new to BP, and I maybe jumping in the deep end here.  However, my relative has offered me to purchase a vacation home that has been in our family for 3 generations.   For the sake of giving some context on numbers, the home purchase price would be $200k and the appraised value is approx $300k.   I would like to purchase the home in cash using a payment plan over 5 years.   Would any of you have any advice or suggestions?