As everyone has already stated, you have a big question on your hands. I feel that, since this is family, that you sit down together with a real estate agent that you can hire as a consultant so they can help you figure it all out. It would be better if it is one that none of you knows so there is no bias going on. I have been in the business for over 15 years & am a loan officer as well. If you want to do something like this, feel free to give me a call at 206-841-9976.