How Would You Structure This Deal?

[Steve K]

I've got a seller to agree to sell his property at a price that works for me. The back story is as follows:

The seller and his mother purchased this property about fifteen years ago and his mother passed away a year or two ago. In Florida without specific language stating otherwise on the deed the ownership defaults to a tenant in common situation.

Seller has not done anything to proceed with probate for his mothers estate which needs to happen for her interest in the property.

Seller has not been paying hoa fees and that amount has gotten beyond his ability to pay and the association is moving towards starting its foreclosure filings.

Sellers mortgage balance is under $10k.

I've got a few options i'm considering but figured i'd throw this out to the expertise on BP to see what the consensus is on how best to tackle this one? I know once probate starts the investors will start coming out of the woodwork so I want to protect myself against that in the process.

Any ideas?

[Rick H.]

Option to buy the total asset for X, for Y years, for Z consideration.

Secure the option using both his 1/2 of the TIC interest and assignment of his beneficial interest in his Mother's estate. I'd also inquire as to other siblings and attempt to get assignments from them, too.