Thought I saw the figure somewhere in the thread, but I guess not- number doesn't matter, anyhow.
Guess I just assumed the property was near you. If you do a loan and get a recorded security interest (Deed of Trust or Mortgage, depending on what they use in Michigan), it will effectively prevent Dad from getting another loan, because you will be in first position. I have never advised clients to panic if someone gets a loan "behind" them on a piece of property- because it pretty much insures that you'll be paid off, if borrower defaults on the second.
In the final analysis, its your wife's relatives, so she's really the one to decide how you structure this will affect her relationship with her siblings.
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