I will send you a DM so we can exchange contact info.Originally posted by @Shavon Fox:Hi Dr Franklin,I am a Realtor, I live and work near your relative's lovely second home. 

Sounds like a lot of work and gotcha fees for very little money when you talk about it.If you're hearing No. 2 and not No. 1 from your relatives, don't curse them out and make Thanksgiving awkward.

@Jennifer A.You could ask an attorney how long your relative has to live there.

For example, your relative or friend wants to sell and you let an agent know.

However, if you asked for it to be fixed and they said it was fixed, I would go back to YOUR relator and tell her/him that it was not fixed and you want to be made whole. 

I would get to know the general area first by taking a quick look on zillow and then formulate some questions for your relator or property manager.

Essentially you are going to have terms in the agreement that will allow you to pay the seller, in this case your relative the $115,000 in full once you decide to go long term financing (if you ever want to).  

If your relative will take the same interest rate or less than the bank you have two positives.

Also look very hard at your own cash flow situation and the worst cases on collecting income from the property to be 99.99% sure you can repay your relatives as promised.

Your LTV and DTI ratios will be impacted by the informal 1st mortgage that you have with your relative, but it shouldn't kill the deal.