Best way for my son to buy my house & I rent from him.

[Carolyn Hancock]

My son wants to buy my house from me & I will rent from him. This way I can retire & move back home, as I had to relocate for work.He would owe about $44,000. What is the best way to go about the sale, an attorney to over see the whole thing?
The house has been listed with an agent so he would have worked for 2 yrs for nothing, but I really can't afford to pay several thousand either. Your views, please.

[Rusty Thompson]

How much longer is left on the loan?

In my opinion.... You should carry the note yourself. Sell it to him for the full appraised value, but then "gift" him a max of $12000 a year (to avoid gift tax) till it reaches the loan amount. Def. have a lawyer & CPA who are familiar w/ estate taxes write it up for you.
Then to rent it back.
Come to a agreement on how much you will pay, and how much he will pay. Then have him rent it to you @ market & then he can gift the balance to you every year. Its a bit convoluted, but tax planning tends to be.
Understand I am not a lawyer, nor have I ever done this. But it makes sense to me.