30 Year Loan From Mom and Dad...

[Glenn J.]

Here's the deal: I would like to borrow about 70-100K from Mom and Dad to buy and fix up a property that I will hold and rent out. We're thinking about a 30 year loan at 5%. My parents are retired and would just like to receive the payments. Due to their ages they will likely not outlive the loan.I am their only child and sole heir, so that doesn't really seem to matter. Is there any problem with this type of arrangement, and dose anyone have any suggestions on how to make this all legal? We, my parents and I, live in the state of Virginia.