Buying from family

[Brendan Wyatt]

I'm buying my first property from a family member. It's a 3 family I live in and I would not be able to pull off a conventional loan at market price point for the property. A relative of mine in the past has bought from family by being added to the title, then refinancing 6 months later and paying out the family member and removing them from the title. This allowed them to put 0 down and just make sure the new mortgage payment still worked for them. My concern is if there are unknown tax implications or a better strategy for me to be taking.

Any guidance would be greatly appreciated!