Private loan with Family, seeking advice

[Austin M Margarida]

So a family member currently is providing the down payment funds and materials for the rehab. I will be doing everything else. They are doing a total investment around $50k with a very conservative rehab number and are asking for 7%, which is a great number. It is under their personal name for the down payment. -I am very close to finishing 2 years of construction education and I have had two time full jobs. I put school in the middle of them in the last 3-4 years. 

1. Is there a way I could end up getting this property transferred and then sold in my name? What would need to be done?
2. Can I live in this property for two years and sell for tax benefit? (would refinance to pay back loan)
3. If flipping, we should 1031?, should I prefer to keep it in their name 

     On the sale, how will they get me the funds? 

I am suggesting getting a new LLC-seperate, and for just RE, because we plan on doing more in this market afterwards (if it doesn't rip us lol) What are the benefits?? Can see all the finances easily with business accounts/cc's and all the other tax benefits for LLC's?

Basically just looking for ideas on what would be best on how to structure all of this