Long-term Single Family Home Investment

[Robert Chavez]

Hi BiggerPockets Community,

I was contacted today about a property from a direct mail campaign that I sent out (I am a wholesaler in the Jacksonville area) and the property owner is an older gentleman (mid-80s) who is looking to sell his house and live in it for the remainder of his life. Now the property itself is in a nice neighborhood with similar houses that have sold in the low 200k's and he is asking for ~130k (what he owes). He basically wants to sell it to an investor and rent it out from the investor. I'm looking to see if anyone here has had any experience in making a deal like this work.  Thanks!

[Ned Carey]

Originally posted by @Jason Luongo:

His motivation is that he is 80 years old and he wants the cash out of equity. I

 But that is not the deal described. He is getting nothing for his equity. that is why I am suspicious.