Updated almost 10 years ago on . Most recent reply
buying property from brother in law
My brother in law just bought a property that needs major rehab work (plumbing, electrical, kitchen cabinets...). He used cash to buy the property. If I purchase it from him with cash after he has only held it for 1 week, rehab the house then get a cash out refi, will there be any problems/objections by the lender? I plan on purchasing it from him for roughly the same as what he paid for it.
What if I have him rehab the property, then buy it directly from him using a conventional loan? Would that cause problems? Are there rules against buying a property from family using a conventional loan?