Buying property from inlaws, question about financing

[Drew Ramasco]

My inlaws currently own a condo that they live in. They want to sell and move to a retirement community and said they would sell the condo to us for 90k. The condos in that area are selling for 115k to 130k. My wife is already on the deed because it was once her condo before we were married. They said they would sell to us at a discount as "gift" to help us build up our investment property portfolio. They said they would rather give it to us for 90k then use a realtor and list it for market value. 

Using the rental calculator on BP i came up with a 16 percent cash on cash ROI with a 10 percent down payment.

What would be the best strategy for getting this property into just mine and my wife's name, without my inlaws. They have no mortgage on the condo so they could potentially quit claim it to us but then I would have to cash out refi it to get them the 90k.

Not sure the best strategy to obtain this property. Any suggestions? Any loop holes? Or an I basically looking at a straight up purchase from them to me?