Buying property subject to a life estate

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I've got a lead in front of me with almost every kind of estate complication.  Property was transferred from Mother to Daughter in 2005, using a irrevocable life estate quit claim.  Mother was given life estate, daughter is only remainder men. Daughter dies, testate, in 2013 at age 78, leaving the property to her two daughters in the will.  Mother is still living at 102.  Daughter's heirs want to sell property subject to the life estate.  There are Medicaid eligibility issues for the Mother, now living in a care facility, debt and probate issues for the Daughter's estate, a false quit claim executed by heirs that didn't inherit the property, and a host of family members living the house with alleged claims to the property.

I can't quite wrap my head around buying this one sub-to the life estate AND the unprobated remaindeman estate without having full possession. Has anyone ever bought from a living life estate owner, thereby extinguishing the life estate and bringing together the possession and the property? .

[Dave Metsker]

I love these challenges.  Here is what I would offer the daughters:

$10,000 now, in exchange for a Grant Deed, Subject to Acquired Interest, and a Trust Deed, Subject to Acquired Interest, for the reminder of 50 LTV to 60 LTV. The note would indicate that the remaining funds are due within 6 to 12 months of acquired title.

Then, just sit back and wait for mother to die.  Make sure the title company understands what you are doing, and get any additional documents they require.