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Updated over 4 years ago,
Property with a Medicare lein
I have a chance at getting this 1acre property with a 1999 manufactured 1200 sqft 3bd, 2ba home on it in Florida. The home is gutted, will take about 28k to make it new again. The person (extended family member) is in prison and will sign over the property to me so it doesn't go to auction. He'd rather someone he knows get it and enjoy it. Problem is there is a Medicare lein on it.
Now i don't plan on ever selling the place, i would like to eventually live in it. It'll be fixed the way I want it and mortgage free.. I was thinking rent it or airbnb it for about 5 years or so till I want to move down there. In 5 years I should recoup most of my money if not all. Does anyone see any issues with this that I may be missing? Medicare cannot take the property, only take the money when it sells.