Partnership with in-laws
I’m looking for advice on how to setup a structured partnership with my in-laws so that both parties achieve their goals.
In-laws goals: downsize from their current property, have a constant rent payment going forward (on fixed income), and avoid a situation where the landlord wants to sell property while they are renting.
Our goals: Obtain another investment property while not having to pay anything for a down payment.
I envision that my in-laws would use $250k (equity in current house) as a down payment to get into a new smaller location. My wife and I would be responsible for all maintenance, keeping rent level constant, and eventually getting the down payment paid back.
Is there a path forward here? Obviously mortgage rates dropping is ideal and would allow for a portion of the $250k down payment to be pulled back out (cash out refi) all while keeping rents pretty close to constant. Looking for other ideas, and structures that would help achieve a successful partnership.
Thanks Doug