Thanks again for all of the great advice. Yes, we all agreed upon the sale price for the family member so that won't be an issue.
It sounds like I shouldn't have to worry about any capital gains for the sale of the property. Possibly a loss and a gift of equity for my nephew. I will have to report the gift tax for my siblings but I won't have to pay any actual gift tax until I hit the maximum which I don't see me reaching unfortunately.
