Land loan family property

[Greg Sonnier]

I had 2.5 acres offer to me from a family member. This is unimproved property which is very close to my existing property. This is a long term pla, i.e., for the kids to have one day and also keep out any riff raff. We are talking $23k to get it. I could purchase outright as an option but could also buy some time with a "land loan". I'm just starting to look into the land loan deal and all financing options. What are the pros and cons of the land bank loan in this situation? From a tax standpoint- better to put this under my REI LLC or should I put this under my personal name?