Bit of a random one for a watch forum, but lots of experience on here so thought I’d ask if anyone knows the implications of renting out a property at a favourable cost to a close family member?

Considering the option of keeping my current house when we move on soon, to rent to a very close family member (at cost). Advantage being we keep the property (potential value appreciation), stress free arrangement, keeps money in the family and we’d save the family member a sizeable chunk on their current rent too.

Are we free to simply charge well under market rate and crack on? Is there any difference at all when providing property to a family member? Is there a better way to do it other than a rental arrangement?

I will of course discuss with a pro before making any financial decisions, super early in the thinking and just trying to gauge the option so any nuggets of wisdom are much appreciated. Thanks!