Purchasing in cash with a loan from family

[Kristin Moore]

Hey everyone! I need some newbie advice! I’ve found a condo I plan to purchase for $80,000 in Florida as a buy and hold. It has mold from an AC leak. That doesn’t scare me and my contractors aren’t worried about it either. However I know that it will be hard to get a mortgage because of that. I do have family who would be willing to give me an $80,000 loan at 5% interest so that I could buy it In cash. My questions are can they just loan this money to me by wIrIng me this money and my llc is still on the deed and title? Will the title company need to see a loan document between my family member and I? Is there any other consideration I need to take into account? I know there is like a $14,000 gift tax, but if it is a loan does that make it exempt? Could really use some advice. Thanks so much!!!!