Very Very awkward/strange creative financing

[Taran Garza]

I love my grandma.  I started selling investment properties in Houston and she wants to help me but she does not have any money.  I want to be my own investor and it was her idea to leave me the house that she lives in that is paid off.  It's worth Around 200K.

Okay... Could I do like a life estate and pull equity out?  It would include a promise to sell the house and split the proceeds between all her grandchildren.  I could even pay her for that option almost like a lease but witha change of ownership.  

Do not explain a HELOC to me. I am not a nube. I sell investment real estate for a living.. I want some big boy knowledge from all the pros! Is this a bad idea? Risks that aren't obvious? Alternatives?