Extended family wants to sell a rental: best way to purchase?

[Brian Erickson]

My family has an SFR they're willing to sell me. My folks are burnt out landlords essentially and tired of dealing with it. I tried convincing them that they should find a competent landlord but I think the ball is essentially in my court to either do that for them or bring them a proposition to take over the property altogether.

The house is worth roughly $480k and they still owe $180k.  I don't know the nitty gritty details of their payment but $1800 covers the mortgage from my understanding.  At a minimum it should rent for $2600, if not closer to $3000.  

Does anyone have any suggestions on how to structure the deal so it's a win-win for both my family and I?  Some sort of seller-finance or subject to deal?