Landlording with Alzheimer's

[Aaron Bellerose]

Hello all,

I have a unique situation.

I have been renting from the landlord for 5 plus years now and the reason I have not purchased my own place is simply my landlord is very elderly and knows he can rely on me to take care of his investment. 

He made me the property manager of the house and now I rent out the additional rooms at the rate of my choosing. I have a lease with my tenants and I am their landlord. When any damages occur or upgrades are to be done I front all the money, complete the project, and forward receipts to my landlord who in turn cuts me a personal check. 

The home is a 3/2 and the original rent amount is 900 plus utilities. I charge my tenants 650 each for everything included and a furnished bedroom so I end up with a 100-200 dollar cash flow each month (depending on utility fluctuation) 

So all major repairs being paid for by landlord and cash flow to me you can see why comfortable staying here. 

Now for my question. 

Both my landlord and his wife have a lot going on with hospital visits, heart surgeries and him having Alzheimer's disease that they do not mentally care any longer for their investment. 

I offered to purchase the residence from them and the response was negative stating "we just don't have time for banks or lawyers." I sympathize with them and thought I would approach them with owner financing with a 5 year balloon. Again that response (when I actually received one) was a no. I assured them nothing would change monthly for them and it was a 5 year plan for them to move on from their investment. I honestly don't think they comprehend. During our conversations I am interrupted numerous times to the question "I'm sorry I get confused real easy...who is this?"

I would like to purchase my residence (not with conventional bank loan). I'll do all the leg work so they do not have to be confused or overwhelmed from it all. 

This has been going on for about a year now and getting worse. 

Is it worth trying to purchase? Is there a more creative/easier way to assist them?

Should I just move on and purchase my own place utilizing an FHA.

They have no kin and I currently do not have a lease with them, haven't for 3 years. 

Thank you for taking your time and for all of your suggestions!