Money talks and BS walks.

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. 

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

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 . 

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.

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

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.  

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

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

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.