Agreed - plus two additional thoughts:1) I always recommend having your CPA also review the drafted operating agreement for the tax issues. 

I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.

Many experienced mentors in this group can help guide you in the right direction.I highly recommend saving as much as possible and setting aside a hedge fund for financial security.

Sell, get the tax savings while you can.

Remember you are exempt from excise franchise tax if you file an exempt form.This post does not create a CPA-Client relationship.

By negotiating a significant discount, buyers can secure great deals while meeting the seller's urgent need to close the sale.

@Bradley Buxton makes a very good point to make sure to do your due diligence as you won't be an owner occupant like your in-laws.Last bit of advice: Because this is a friendly deal, you want to take your time to make sure you structure it in a way that maximizes tax and cashflow benefits for both parties. 

The fact that you have a TAX-FREE income is crazy good.  

On your tax return you would report the proceeds, subtract costs and proceeds paid to seller, then the remaining profit would be your flat fee.

NJ has the highest taxes per capita in the country so high taxes are expected especially in Northern NJ.