turning seller financing into my father in laws retirement

[Myles Chaulk]

hey everyone I have a question.. So my wife's grandmother owns a house in Toronto with 0 mortgage on the property. She is well into her 80s and when her day finally comes she will be leaving the house to her two sons. My father in law does not have the greatest retirement set up for himself. What i want to know is , is it possible to use seller financing to purchase the home from him and have my wife and I pay him a monthly income while adding that house to my portfolio. Then in the future could I refinance and use the equity in that home to fund other deals? I truly am looking to make a win win scenario for everyone. My father in law has a secured retirement and I add a duplex in Toronto to my portfolio.

I greatly would appreciate any and all advice on this

Myles