Purchasing and financing home from family

[Scott Kelley]

Hello all, I'm purchasing my 4th home but buying it from family and they're going to finance it.

It's been recommended that we do a quit claim deed and use a boilerplate contract for such.  However, I still don't know the best way to have the financing work to benefit us both the most with taxes, etc.  Does anyone have any resources I should look at?  The house is in Colorado if that affects the info.

I'm happy to follow up with my attorney also but I  wanted to have as much knowledge as possible first.

Thank you!