buying property from a relative

[Marlene D.]

Hi All.

This is our first post. We've been enjoying the discussion on various topics and learning a lot about investing. And now we're in need of some advice. Does anyone have a suggestion on how to creatively finance the purchase of the family property?

We currently live in the old, dilapidated structure. The property is in a desirable area and is worth a substantial amount for just the value of the land. The property is zoned for two units. The relative who owns the land is motivated to sell and has plenty of equity. How can we buy the land, build it, and have the financing paid off after selling one unit, so we can live in the other?

We'd appreciate any feedback!

Marlene & Dana