Land for sale (maybe)

[Victor Rejino]

Hi, 

I have an in-law that bought a single home lot in a not so desirable area. He has tried to get rid of it for several years now and only received a real low-ball offer. (50% of appraised value) 

He now wants to deed it over to me and have me build a home on it and pay for the lot him once the home sells. I think he is fed up with the taxes and dealing with the maintenance. 

I think its a great deal an while it may take me 6-9 months to sell (worst case scenario) I think I can make some money down the road.

I am looking for advice, Tax complications? not a good idea to tie my money? Interim financing? have I overlooked anything obvious?

Thanks.