Question about family members property

[Ryan Cartier]

My father in law has earned a rental for approx 35 years. He is a high income earner and is considering selling it. He is questioning selling it due to depreciation and tax implications. I am looking into purchasing my first rental and thought with some creative ideas this could be a good one to try and make work. It is rented 100% Rather than him selling outright, and him owning with no mortgage on it...would a subject to ownership agreement be a good idea. We would pay him as an owner financed and assume the maintenance and headaches of the property. Looking for creative suggestions!