How to structure seller financing with in law

[Eric Tan]

Hypothetically, if a mix property (commercial main level and two apartments above) only has $80k left on a $350k loan and the property is worth $500k and the taxes are $12k/yr and the rents are $4k/mo and the owner is your father in-law and he wants to sell but worried about the income taxes and he doesn’t want to buy another property and the building needs about $50k in updating and roof and you want to help him out by taking it over with seller financing What terms would make sense for him without a huge tax consequence and basically still get some of that income from the buyer, us? #family