Interesting Situation. Comments are appreciated.

[Jose De La Macorra]

I have an interesting/very uncommon situation I would love to get some comments on what you all think. While looking for properties I found an elderly man who has no family left. He never got married or had kids. He currently has Chronic Kidney Disease and although he is on Medicaid he needs money for his monthly expenses. His house is worth around 180-200k as of right now. He wants someone to pay him $1,200 per month until he passes away. He has said he can add me to his will and make it irrevocable or do an irrevocable transfer of death deed for his home and a 25k stock portfolio. He is currently 70 years old and as I said doesn't have the best health. He is very old school and does not want to do a reverse mortgage. Any Ideas? 

Thanks.

[John Teachout]

I think it would be nice to help the guy work through his situation but I would not agree to this deal. There's just too many ways this could go sideways. Some pharmaceutical company may have been working on a medication to reverse the kidney disease. He takes it and lives to age 96. Or he may die in a month and as others stated, people come out of the woodwork to lay claim to the house. Either have him sell it to you or someone else outright or pursue another solution.