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Rhys
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I’ll second that – I have a client in major dispute right now with family members over exactly this issue.

I suggest you tell the inlaws you need to get some advise (could be re tax, or funding or cashflow, or whatever – really its just an excuse to talk to an accountant). Then tell the accountant what he needs to tell you: that is that you need an agreement between you & the inlaws.
It doesn’t have to be complicated or expensive. If you do it and don’t need it you have wasted a few hundred dollars, if you don’t do it and things go pear shaped you could be up for $000s, plus unlimited amounts of family drama – yuk!

Good luck, cheers, Rhys