That is the best option if you are truly trying to help a family member.you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.The other way is for you to buy it from them at market rate, then rent it back to them at market rate.

I'm just starting out learning real estate, but I can't decide whether renting or flipping is a better option.

They each offer very different options, and each have different STVR rules as well.  

FHA is unlikely to play nice in this situation.Bank statement loans might be an option for you.

Have 3 loans to refinance in the next few years and DSCR's are added to the option list.

Tenants in cities like Detroit, Cleveland, Buffalo, etc have options when they receive their voucher.

MTR may be a better option if not wanting to LTR. 

When I help buyers in COS and they see $700+ HOA and I explain the land lease scenario they don't consider it an option.   

@William Bohan as others outlined, there are several logical options, all with pros and cons (of course.) 

Rank them from worst to best in capital expenditures expected*optional, not always necessaryAdd those numbers together for each property.