<prompt> Human: Have a chance to buy a second home appraised at 350k for 300k from a family member.The owner is willing to hold the contract for 3.5.Closing costs would be around 15k and I would have to pay.I trust the owner and the title is clear.The property has a rental attached that rents for 700 per month.The owner wants to live at the main residence for 5 more years before moving, rent free. This could be in the contract. Contract through a good lawyer, escrow accounts, etc. Nothing fishy.Rent on the main residence, after they leave, is 1,500.It seems like a good thing financially but my question is, in the long run, does it make more sense to do this or just take the money Id be putting into the mortgage for the first five years and get closer to maxing out our 401k accounts?  <response>: Free rent for five years? No, not a good deal for you. 