Purchased a Home from a Family Member-Advice Needed

[Andrea Johnson]

Need advice: In 2012, my mom no longer wanted her house that she bought 30 years ago. She took out a second mortgage and has been making the bare minimum payment, therefore, taking her a very long time pay it off. She gets discouraged an wants to sell it. I decided to buy it from her just to help her out an the home has sentimental value to me. I was not thinking about making money from the deal at that time. We made a verbal agreement (not a lick of paperwork except receipts on what I have paid and balance due every month) that I would pay her 10k for the home including a lot next door. I moved in the home to save money on rehabbing, found a contractor and made the repairs(with my own money, luckily only cosmetic). I moved out, hired a property manager, and it is currently occupied. The house is still in my mothers name because of that second mortgage an I do not want to be responsible for her portion. I take care of the home an I pay the property taxes because its my home, right?? I know now that I made an investment deal but did alot of things wrong. I  need advice on what I should do now that my agreement with her will be fulfilled in October 2015? Thanks a bunch BP