Family & Friends Loan Term

[Ariel Davenport]

I just finished my first deal, and and presented with an offer from a neighbor who's mother in law past away. The house is 1500sq ft, 3/2 and the same floor plan of a house in the same neighborhood as our first deal. He is asking $120k, ARV based on DealCheck and a recent appraisals is probably 150-160k.

Basically the deal looks good but I need a down payment $24k. If I ask my mom or other family for a loan, what kind of terms would be fair?