Advice "non-arms length" house for under market value

[Phillip Witt]

I am looking for advice on purchasing a house in which my aunt has gained ownership most likely through quit claim deed from my grandparents 10 years ago. My grandparents had owned it since sometime in the 1950's. I gather through my research that there would be tax implications if I purchased this through a normal mortgage process since the price would be below market value (it needs a lot of work). From what I understand, it seems I will need to verify how the transfer was done in 2007 (quit claim (bad?)/warranty deed (good)) and then warranty deed myself on the title for at least 6 months and then remove her the same way and then get an equity loan for the agreed purchase price as well as rehab funds. I believe the purchase price/rehab funds will be about 60% of market value when complete. I am assuming I should have a real estate lawyer draw up documents to get all this done? This is my 1st deal so all advice is welcome!