Considerations when renting to family for no or low rent

[James Landon]

I'm thinking about allowing a relative to stay rent free (or significantly reduced) in one of my rentals. Is there an ideal way to go about this from a tax perspective? I want to make sure that the property continues to be treated as an investment property (deduct expenses, depreciation, etc...). The rental could be a SFH or one unit in a small multi-family if it makes a difference.

I assume it is a bad idea to gift them the rent money and then pay taxes on receiving it back.  Appreciate any ideas, thanks!