@Daniel EvenchenWhat you propose would violate the IRS rules.

I think the period of time over which the IRS allows you to depreciate the property is slightly longer, but don't quote me on that.

http://www.zinnerco.com/zinner-blog/irs-establishe...

The IRS cares not that you lent the buyer the sale price.  

@Chuck Toney, since you're not a 501 (c) charitable organization, you're parents can't "donate" the property to you and your sister.That being said, the IRS does allow "gifting."

The IRS can get you for tax-evasion if what you’re paying yourself in salary is unreasonably low for your city and profession.

The opportunity recently came across my desk, and I’m really considering it but have no prior experience to go with.The Board of Directors has a proven track record with a previous bank that was acquired and from what I can see they’re all fairly heavily invested in the new venture as well (skin in game).Does this cause or raise any IRS/tax related issues that I should be aware of?

She is an IRS enrolled agent and I have used them for decades.

Once I've got my credit built up to a decent level I'm hopping in the fray.

The IRS wants arms-length transactions in most situations.One thing with accepting lower rent payments is that the property can be deemed personal use instead of a rental property.