Hi Marie,I'm not a seasoned investor, actually just starting out, but I'm close to making an offer on my first rental property, and wanted to share what I found when I ran the numbers in a similar situation.

Hey guys - I'm hoping someone can shed some light on this situation we are in.  

I really want to make sure I do this the right way since I'll be working with family.How have you guys handled similar situations and what boundaries, expectations and roles should be specified?

No stressful refinancing or additional closing costs required.- Tom

In my opinion, there are too many benefits and too few drawbacks for someone in a situation such as yours not to consider it. 

My situation wouldn't allow leasing agents to sit for 8 hours.

The seller is in a distressed situation and pressed for the cash.

The seller is in a distressed situation and pressed for the cash.

Situation is the rental in personal name that will be put into a land trust.

You would also be able to hedge your property against an upcoming market drop in the sense that you bought the property undervalued and if you needed to sell quickly, you would have a property that is in good condition potentially compared to other multifamily units.At the end of the day though, you are the only one that can decide what is best for your current situation along with where you see yourself in a few years.Good luck to you!