Intra-Family Seller Financed Opportunity

[Jenni Fors]

My husband and I have been considering getting into real estate, but didn’t know what method was going to work best for us. His grandmother has just moved out of her home of 66 years to a senior living facility. At the same time our son is also looking for a place to rent. We’d like to purchase the home and rent it to our son and his friends but don’t have cash for a down payment right now. We are going to propose a seller-financed-type deal to his grandmother  as a way to keep the home in the family, but don’t really know where to start. One of our biggest concerns is that she’s over 90 years old and need to include a clause regarding continuing the contract after she passes, knowing that it might not be a long time and we still may not have the cash to pay off the remainder. Any suggestions regarding writing a rental contract with a family member would be welcome as well.