Most tax efficient way for family to loan us $ for STR

[Brian M.]

We're looking to purchase an STR and my wife's parents have offered to generously loan us $60k for a down payment on an STR. They don't expect to us to pay interest.

I know they can gift her $16k each ($32k) total tax free. We're very new to REI, so not sure what we can and can't do. We're very open to setting up an LLC or getting creative. Her parents are NOT looking to profit off of this.

Thoughts?