Seeking Advise on creative loan structure

[Kyle Fronckowiak]

Hi everyone!

My wife and I have an opportunity to purchase a property in South Lake Tahoe from her father. Over the past 10 years, he and his late wife poured their hearts into building this home (with permits, of course). Sadly, we lost my mother-in-law to cancer two years ago, and my father-in-law has since realized he no longer wants to live there, though he remains emotionally attached.

The home is in its final stages of construction, needing only finish work and a kitchen remodel to be rentable. He has already mentioned that he is willing to act as the bank, interest-free, which is a great opportunity. Without involving a traditional lender, what kind of deal structures should we consider? I’d love any insights on next steps. Thanks in advance!

Kyle