With proper trust planning, could put it in an Irrevocable Trust where your wife is Trustee but the house still gets included in his estate so there is step up in basis at death.

@Jonathan Stastny the rules around this..and how to get around this by setting up irrevocable trusts and deeding the property to the trust... can be tricky. 

Walk into any office with a complete listing of all of your current properties and with either an irrevocable bank letter of credit for a couple hundred grand or some bank statements showing you have cash ( a couple hundred grand )  tell them you are a serious buyer and you close in as little as 7 days  all cash as is .You will have the offices best and brightest talking with you in less than 5 minutes .Now if you are just starting , have to get financing ,etc I wish you luck .

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

Claims best asset protection and deferred income and cap gain tax, with his titanium irrevocable trust.

There are a lot factors 1- was it a irrevocable trust ?

What I don't want to do (but it is the safest) is this: I buy the house for $140K, I then need about $100K to renovate, so I borrow $100K from said relative on a note, and we put the note in an irrevocable trust with an interest only repayment (for legal tax purposes), and myself as the grantor/trustee.

And please consult an attorney before doing anything like that - I am not one and that would be inserting something into the title so it's an irrevocable act and you should fully understand the consequences of it before doing so.Similarly people sometimes get a notarized memorandum of agreement in addition to the P&S, that they record after they get something under contract, but getting that notarized is a bit more awkward than just signing a P&S at the kitchen table.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

For my llc I plan on making another capital contribution to fund business expansions or open up a separate LLC.Need to research irrevocable trusts