Seller stays as Tenant?

[Corey Griffo]

Hey! 

I'm here in Lexington, KY and just got a hit on some of my marketing. The Seller who I plan to meet with later today said that she is in bad health, has no Heirs to leave her house to, and would rather sell the house and make use out of the money than the asset. The only catch is that she wants to continue living in the home as a life tenant. It sounds like a great chance to get into this piece of property, and she seems motivated. 

What buying techniques should I be thinking of when I go to further discuss her situation? I plan to use the 70% rule as my guide but since I won't be able to BRRR it right away should I add extra in for risk? Or does the fact that I have a built in tenant make it more valuable.

Once I speak with her more and get a better idea of what she would like to do with the money, I will know a little more which direction I should go with the buy but I wanted to toss this out here in case anyone has encountered this before and has any tips! 

Thanks so much all!

Corey

[Jay Hinrichs]

sale lease back 

life estate  ( did one of these in Portland OR) lady lived 8 years though.. in exchange for the deed she got to live there for free until she passed..