@David Bellmont , wow. Far too many ifs and buts for my liking, and that's before even concerning yourself with: would you be getting yourselves a bargain?
Whereas of course, you should concern yourselves over that, first and foremost!
Buying investment deals from family-with-an-agenda? What could possibly go wrong?...
@brentcoombs thanks for the advise. At this point I think you are right, too many ifs, and my father in law seems convinced on splitting the property into condos if he is to sell. The money doesn't make sense as condos that we would buy and rent out. We will keep searching.