If through a broker you will see paperwork which establishes your relationship with the broker and then paperwork which establishes your relation with the lender.

Gently nudge your relative towards opening an LLC with a real bank account (feelings have nothing to do with how a business runs in the real world).

In my own business, we would not allow properties to be leased to yourself or your relatives on a long-term loan.

However has your relative thought of repolting it for lots or develop themselves at all.

Your relatives may or may not be able to travel for 5 years, and you may or may not be able to live in their home rent free for 5 years.

Any ideas or feedback would be appreciated.Maybe park a "Taco Truck" (Roach Coach) there and put one of your relatives (who needs a job) in it as an employee/cook.Bingo--instant restaurant, and a free car wash with every 15 burritos purchased.Tasty burritos draw car wash customers, and car wash customers can buy a burrito.

Or ask your relatives if you can clean out THEIR attics for free if you can keep their stuff and sell it.4.

Oh yeah, your relative/tenant may even have to vacate the premises during the 2 1/2 year Redemption/Quiet Title action since they may legally be trespassers until you gain title.  

I think you will find it quite difficult to borrow money when you have zero experience like your relating here. unless you find a not very experienced private funding source.

I'm sure I've ran into your relatives at some point.