Flip from a Family Member?

[Michael Daley]

My uncle passed away and left his house to the family trust where my dad is the executer. My dad wants to sell the house to an investor because he wants it off of his plate. I want to be that investor and flip it. 

I'd like to agree with him on a price and pay for the rehab and all of the costs and then sell it for him where he would take the agreed upon price and I would take the profit. 

I want to avoid holding costs with him holding onto it while we renovate, but how to I make this as clean as possible?

He wants to be as hands off as possible including any liability during renovation, etc. 

An investor uncle said he could deed the house to me and include a promissory note that he would be paid by a specific date (4 months). My back up plan if it doesn't sell is to hang onto it and rent it out, but I don't think it should have a problem selling.

What is the best way to handle this? Any advice is appreciated.