re: Any positives/pitfalls of taking home loan from family?

I generally agree with you, but this situation is actually unique. This side of the family is very small so what is there's will ultimately be ours, so it is our eat interest too to make a good business decision for all involved. I'm more concerned about any tax implications that I don't know about

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Don't mix family and money

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Generally a good idea.

But if you do it anyway, be sure you do it formally with contracts and everything. That way nobody can say later "But I thought it worked *this* way, not that way!"