Question on purchase

[Mark Betche]

I hope I'm in the right place, it has been a while since I have visited.

I am making an offer to my uncle on a building I rent a portion of. I have rented this area for 18 years from him.

The roof is in need of much repair and he does not want to invest money into the roof. I want to buy 30% of the building with my past rent as an consideration and invest approximatly 20k into the roof and other needs.

I am offering him this deal for 30% ownership in the property. I have requested a par value estimate of the building at 120k, my area would be about 30% of the property. This arrangement is to protect my investment into the property.

My question is: What are the tax implications of this arrangement?
And, what other considerations do I need to address?