Buying into my cousins house and turning it into a rental.

Hi team, 

Long story short I have a family member who has a home (3 bed, 2 bath on an acre) with a 3% interest rate that they're looking to vacate and move to another state. Originally I was going to assume his loan and pay the difference between ask and market value. Now he's my Cousin and I wanted to do right by him so I discussed the pro's/con's of him keeping the house and just letting me buy in / operate the property as a long term rental. My question is what is the best way to do this? Do I keep the loan in his name its an FHA and pay him a lump sump (he owe's 190, the house is worth 350) maybe half of that and be 50/50 partners? It would cash flow around 1000$ a month and split the cash flow 50/50? Or should I look for other opportunities given the cash flow I'd sink here? Looking for general advice, I have a six figure amount sitting in a hysa that I want to deploy into realestate this year but am also fairly conservative.