If you replace "cousin" with "investor" and "partner" with "another licensed agent," it sounds like you wouldn't have an issue with this transaction.And from the perspective of most real estate professionals (NAR, lenders, brokers, etc), the relationships here are inconsequential...as they all constitute arms-length transactions.Just my $.02...I could certainly be wrong...

@David Faulkner,"low risk and passive" and "self-manage" in the same sentence constitutes an oxymoron.

That's just a waste of my time.What constitutes a lowball offer will vary by market. 

However, opinions vary about what constitutes an "A" neighborhood.

This response neither constitutes legal advice nor establishes an attorney-client relationship.

The issuance of a notice to cease and desist shall not constitute agency action for which a hearing under ss. 120.569 and 120.57 may be sought.

Enforcement of this brings up huge constitutional issues.  

So to buy it this way with the intentions of renting it out immediately constitutes mortgage fraud.  

The reality is that changing a lightbulb, or the smoke alarm batteries, spraying a little WD-40 on a squeaky hinge or things of that nature to not necessarily constitute adding value.  

(Fines, loss of license, maybe even jail time as this would constitute mortgage fraud as well as other types of fraud) Is it possible that would happen, yes...however a savy agent usually asks for proof of the other offer.