Family Transferring Ownership

[Luyen Nguyen]

Hello BP members! I'm fairly new to investing and I've been a silent investor for the most part.  I have a situation that I'm hoping you all can help me with. I have an uncle who is ready to get rid of his investment property. Because we're family, he's willing to transfer the property without me having to put down a single dime. He said I can take my time paying him off. What's a good way to approach this? 

My plan was to take over the property, renovate it, and refinance to pay him back. His home is worth @160k (currently), he's willing to sell it to me for 137.5k. ARV will be over 200k.