This can be done multiple ways. First, if there is no lein on the property, you can simply transfer via quit claim deedthe property to yourself from your family member.

If there is a lien that must be released in order to transfer the deed, you will most likely have to purchase the property. The good news here is that there is an easy way to do this. You can have the property appraised and utilize the appraised value as the sales price. From that number, if the seller only needs to net less than that, the difference can be gifted to you as a gift of equity on the sale of the home. This is the best way to avoid large cost, a sizeable down payment, and you can avoid PMI by gifting more than 20% of the value.

This of course can be very complicated but working with an experienced Mortgage Planner will allow you to do this with ease.