Quote from @Susana Alcorta: Hello,I'm a long-time listener of the Bigger Pockets Money Podcast.

They too get their money back and still get access to everything for 12 months and Mr.

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

If I were you, I'd pass on this property and look for something else (and I suggest a 3 BR) under $80 that you can put a little rehab into, unless insurance pays your family member a bunch of money and they accept a much lower price. 

A couple of months ago, I purchased a property using a hard money loan for $115,000.

Money talks and BS walks.

If you want to send me a DM I can send you a link to run an easy online quote

To get things done as quick as possible , charging by the hour cost the contractor money , charging by the push/inch  is the most profitable way to do snow . 

They aren’t able to get a mortgage themselves so they would provide the money while the mortgage and deed would be in the others name.  

Keep in mind it is a risk and speculation, if something happens(market tanks, job loss, etc) then you will be out money.