Basically -- and I truly cannot find a better or more apt analogy -- it would be like a slave-owner "rescuing" slaves, like someone rescuing a dog from a shelter, knowing that the dog would be put down otherwise.
For example, a well-off family hates the idea and practice of slavery. They know that certain slaves will be owned eventually, without their intervention. So, the family takes it upon itself to purchase those slaves to save them from that eventual slavery. Of course, these families wouldn't subject their "slaves" to slavery, but treat them as equals and as permanent house guests, more or less.
Were there documented cases of this?
If so, how common or uncommon was this?
How was this practice viewed by the local and regional communities?
Were there any laws against this?
I don't have any sources for American slavery but I can tell you that it did happen 17th Century Cartagena, Colombia only it was not families that were buying the slaves but Jesuit priests.