Should I work with my fiancé’s father ?

[John Gorczynski]

Hello! 
I am currently looking to buy my first property along side my fiancé. I am a electrician with many friends in the trade so I thought a live and flip with a goal of selling within three years is a achievable goal. Our budget is 200k and we have 40k saved.

My fiancés father has approached me with a loose idea of him purchasing a house for his daughter and I to live in, we fix it up within and year, and sell it. We would then split the profits. The idea is quite overwhelming because it’s seems like a great opportunity but I have found more cons than I originally thought .

Just to name some…

cons- feeling rushing to complete the flip, always having my father in law over to check in on “progress” , living in a place that feels like my home but truly isn’t,  And of course not getting all the profit from my hard work. Income tax on the house.

Pros-  no stress about money. Free rent! Profit. No risk

I am very curious on what other peoples opinions are working with family. Do I need his help?

I am also curious on ways I could use him as a hard money lender but still make it worth it for him. 

THANKS !