Newsflash: Buying a house from my deceptive mother-in-law who doesn’t want lawyers involved

My wife and I are planning to buy a house from my mother-in-law, who owns a few rental homes in our area (Midwest). The total home value is a little over $300,000. She is offering the house to us for $80,000 total. $30,000 is to be paid up front this year, then we will pay her $10,000 each year for the next 5 years. The reason she is doing this is to help us afford to live in a home sooner as we have a new baby and a dog, currently living in a 3rd floor apartment.She means well and we have a good relationship with her, but she can tend to be manipulative/flaky and “conveniently forgetful” with business deals. She says it is a waste of money to get a lawyer to write up some sort of contract for this deal, and when we bring up hiring a lawyer for this transaction, she gets offended, saying that she trusts us to pay her each year and there is no need for any official document to be written up. For example, we have lived in one of her rental homes before (for very, very cheap) and after a year she decided she needed the income from a renter and had us move out. This was after she told us we could live there for as long as we needed. Again, she tends to only do what benefits her most.Our verbal agreement is good enough for her. She is willing to sign the home over to us next month using a quit-claim deed, removing herself from the title completely and putting the home in my wife’s and my name. There is no mortgage tied to the home; it is completely paid off. We realize it would be a good idea to have the home pass to us in a trust when she passes away and just live in the home under her ownership, however – see above reasons about deceptive MIL. Selling the home is not in our future plans, but we realize we will be hit with capital gains taxes if we did.That being said, we’d like to get the home in our name so she can’t legally take it back and update things as needed without worrying that it will be sold out from under us. When we eventually move out, we plan to rent it out to have a bit of extra income.My questions are regarding legality and tax concerns. How do we go about this deal to make sure it is an official legal transaction? What do we need to know in terms of tax implications and receiving this large gift of equity? Is there any way this deal could backfire on us? Are there any special tax forms we fill out later? Is there an option where we live in it and own it, but don’t get the equity passed down until it comes to us in a trust? Right now, it seems like she is the one taking a risk, as she is just trusting us to pay her each year from a verbal agreement (which we obviously intend to uphold our payments as agreed), but is there something else that we’re missing that should be considered?We plan to speak privately with a real estate lawyer to have a contract written up, and present it to her before making this official, hoping she doesn’t get too offended. We have never bought a house before and we are unfamiliar with the process – is it truly as simple as her just signing over the deed to us with the title company? Please help!TLDR:Buying house from mother-in-law who we don’t fully trustHome value $300k, no mortgage on the house, we’re paying her $80k over 5 yearsWant to own the home now so that there are no strings attachedMother-in-law plans to give us house via quit-claim deedPlan on meeting with real estate lawyer, making a contract for payment/transactionWhat important details do we need to know? Please help as we are first time homebuyers