Foreign land purchase, with rental returns

[Mikey22]

I qualify as US tax person. I plan to purchase a land from my parent who is ill and wishes to ensure that the land is transferred in my name and later distributed to my siblings a few years down the lane. The way the laws in this off shore country work, and the general risk with 'gifting' or inheriting it, the land is better 'sold' to me on a fair price and then at the time of distribution to my siblings, 'sold' back. Furthermore, while I will own it, the lease/rent we get on the land( around 4000 USD) will be gifted to my parents.

I will be sure to hire an international tax lawyer when filing these but for now, I was hoping to just get a sense of what tax implications on these transactions I should be expecting. 

Thank you. I appreciate your help and expertise. 

[Mike9241]

your best move would be to discuss both the foreign and US taxation with the attorney.