Seller financing question

[Michael Mudrey]

Hey y'all. New(er)bie here with a question. I'm on the verge of closing my second deal, which I've stumbled upon. We have an older family friend who no longer lives in his house (vacant for a year or so). He's looking to get rid of it, the maintenance, taxes and general hassle/burden as he's no longer able to care for it or deal with it.

There is strong potential he would need to enter a nursing home at some point in the future, so we're all not sure what the best asset protection strategy is.

I'm thinking that seller financing might be the best way to go for both of us. Anybody have recommendations for the best approach? My assumption is seller financing will give him and dependents long-term monthly income, but not the large influx of capital (and taxes) that would also impact nursing home costs.

Obviously we'll need to get a real estate lawyer / tax expert involved but at this point looking for any suggestions or things to consider as we finalize terms.