In-Laws and Real Estate Question
My in-laws have asked my wife and I to refinance their home in order to add our names to the note.
Our situation is that we live in Hawaii at their care home. It's a huge house and there are three families along with patients living there. My wife's parents take care of the mortgage while my sister-in-law, her husband, my wife, and myself take care of the other expenses in the house.
My wife and I are not planning to live there any longer than a couple of years more, and when that happens we suspect her parents will either sell the house or rent it out.
I told my wife that I don't want to be tied to this house because we would not be able to afford it on our own, and I wouldn't want to be living there unless we had full control of the decisions with the property.
I would love to help my in-laws because they just want to pass on the house to their children, but I feel it would be too overwhelming of a responsibility if all of us was not on the same page.
My question for the investors out there, is there a way I can make it a win win situation?