Using Family Members for loans

[Gary McKissick]

Hello all,

I am in the process of purchasing my first rental unit and my parents have agreed to help me with the down payment on it.  Doing some reading and it suggests creating a promissory note set up properly so I can deduct the interest on tax forms.  Is it as simple as that, creating the document and signing?  I'm sure I'm missing a bunch of things here, so if anyone can provide some insight or point me to a good article/blog about the subject that would be helpful.  The loan itself is probably going to be 20k loan @ 7.5% over 10 years.