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Updated almost 3 years ago,
Inherited Trust property
Hello there! Looking for some insight on options for acquiring a share in a family home. My husbands grandfather recently passed and his wishes were for the home to stay within the family if at all possible. Currently the home will be split 3 ways amongst the grandfather’s children, my husbands dad being one of the 3. My husbands dad is willing to keep his third in the home and my husband and I would like to buy out the other 2/3 share. The other two parties are not interested in keeping the home and we are the only family who has expressed interest. Any ideas what type of loans we should look into? The property would be used as a long term rental as we live out of state. Can my husbands fathers 1/3 ownership be used in any way towards the down payment? A best case scenario is we could borrow enough money to fund a renovation but willing to consider different angles to make this work out. Thanks for any and all input here!