Even ignoring the 'theft' risks, you have gift tax return exposure (and use of lifetime exemption), transfer taxes, no basis step up involved with gifting the property back and forth, probate risks if the 'buddy' passes away and didn't update their will for the property. 

That puts you in a property now if you've got the down or can get a gift from family.Alternative is saving to buy the land for cash (very few land lenders) or ask to have a seller carry.

This will allow your wife to inherit the property without owing and gift tax.

It can't be considered a gift since that partner would need a vested stake in the property. 

Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).All other cash-out refinance eligibility requirements are met.

One nice gimme back at the end of each year is that you can legally gift $15000 a year to whomever you wish.So even if you really didn't want to collect rent there is a way to do it so you act legally and take care of her.

I feel like it’s a gift and a curse because though there may be plenty houses to choose from, the area may not appeal to buyers.

., Starbucks gift card.

We just don't want it to be considered a "gift" - because it's not.

There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?