If you rented for 2 and lived in it for 8 you would get 80% of the gain.Down the road, if the circumstances again warrant it you could do a reverse conversion and turn that property back into 1031 property so you could 1031 and take some boot out covered by the 121 exemption.  

So I think you potentially could lose either way in the long term mixing family and real estate investing.....Worse yet, you get to revisit these potential ill feelings at each family gathering or in any family conversation.

Find a local lender and sit down and have a conversation with that person prior to them pulling your credit, ask your friends/family for recommendations as well.  

Million ways to find deals Michael Plante but letters have the lowest hanging fruit and lowest conversion rate

You need to have conversations with the owner?  

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@Elizabeth Wilson  then their conversion rate will be small... just glorfied landlords basically taking advantage of non English speaking minorities.. or the less educated.. pretty old game really.

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