Buying property from family.

[David Zachery]

I have a close family member who has a home in Florida. My wife, kids and I use it as a vacation house a couple times a year. He may end up selling it in the next few years. I would like to hang onto the property and rent it out when we are not able to vacation there. So that could be mean renting it 8 to 10 months out of the year. Is there a good way or a creative way to make the transaction from my relative owning it to me?  We wouldn’t have the money to buy it, but I was thinking about renting it out and giving him a percentage of the profit while we pay it off. I just want to keep his name safe in case anything bad happens.  Essentially let him wipe his hands of it.   He's very old school and doesn't want to rent it himself.   :)