First Time Buyer Question

[Marcus Powell]

I am looking to buy my first REI property using a relative as a private investor for the total purchase price. We are both new to this and a little lost. It's a 450k at 6% but the term is where we struggle. She is older and would like her estate to be liquid for her children. Will I be able to refinance through a bank after a year or 2 and if so how does that help to make my relative whole? Sorry if the question make little sense, I feel like I'm in the deep end.