How to buy the house I rent from willing brother-in-law

[Dave Hall]

My BIL owes more on the house I rent from him than it is worth. He wants to unload it. Doesn't care if he makes money, just doesn't want to lose money. He is completely willing to do something creative, including recouping some money later on down the line. The house would need quite a bit of work if he were to put it on the market. I don't have the money to make those repairs, but if I'm going to own the house I would definitely want them done. His mortgage is an equity line of credit. Can you help me brainstorm some options? Wrap around? Contractual taking over of payments? He borrows the fix up $ through the Equity line of credit and then we purchase at a lower price with the understanding that when we sell the house later he can recoup that money? Obviously we don't want to buy a bad deal, but we'd also rather not move. Thanks for your ideas.