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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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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