Getting a house under contract prior to owners passing

[Brian Sanchez]

Hello BP. I have recently had a very interesting situation fall into my lap and would love to lean on the advice of all of you to figure out the correct steps to take. 

My family and I have a 97 year old family member who has done well for her age. However, her health is beginning to be a factor and her time is not too far away. At the risk of sounding insensitive, she owns a home outright and valued at about 850k. I know I have 2 partners who would jump at the opportunity with me to purchase this property. The rents are very good in our area for this type of home and it would cash flow nicely for each of us. 

My current understanding is that this home is not going to be left to anyone and no trust. I would absolutely hate for this home to get tied up in probate and with all the red tape. 

So, does anyone have any good advice to try and get this home under contract before her passing? I don’t want to come off insensitive but this would be a great opportunity. I have thought about approaching the deal from a typical investment side and enter a contract that upon passing, the home shall be turned over to me and then notarizing it.  I have also thought about making an offer now and allowing her to live there for free until she passes. I just wonder if there is any other creative ideas or things to consider I haven’t already addressed. If anyone has any experience or advice I’m all ears. 

Thanks BP.