(And trust me when I say that even though the relative may say now they do not want any part of the house, when there is money on the table that rats will come out.)  

@Eric Geiger I don't know what you want them to do bring to the table but I'm assuming you would spilt the profits.

We were slated to bring the final piece of equity to the table to complete the deal.

Some risk averse borrowers who would rather pay down debt faster would even chose 20 or 25 year amort even when a 30 year option is on the table.

PROS:   very customizable, brand NEW and FRESH everything,  controlCONS:     fees, permits, fees,  time table could be 9 months+ ( I don't really know, do the research) extra fees,  and maybe some more feesGood luck , and I hope to learn much more as well.  

Makes no difference if there is another offer expected to come in, time is of the essence (in my state) and having two offers on the table at once is a great thing for sellers.

There is a lot of potential value on the table that you are going to be able to capture.The current value of the property is realized by current NOI and the current cap rate of the area; not what the broker or sellers THINK the property will make. 

.- Have different strengths or bring something unique to the table.- Are fun to work with.- Have good contingency plans and written contracts in place.Best of luck with everything!

It's certainly an option that's on the table. 

I sell real estate in Medellin with Grupo Brik and we get this request every day but ultimately most people struggle to find an apartment well located that is legally able to rent in a short term basis and decide to do it under the table like many others are doing.