Slightly complicated - Don't know how to structure the deal

[Kimberly H.]

Hello everyone!  

I need help structuring  a deal.  I own a duplex and the lady next door to me owns a duplex property free and clear.  Her dad passed away and left the house to her. She's getting older and currently lives in an assisted living facility. 

Her brother and sister live in the house.  She's interested in selling the property but admitted that it needs lots of work and her brother and sister need a place to stay for free for a period of time.  I would say 1 year.   How could I structure the deal so we all can benefit.  Obviously, I want the house.  It could be a great income producing property when they finally move. 

I'm really interested in the property and would like to maximize my portfolio and profit. 

 How can I get this done.  Your advice would be greatly appreciated.

[Jeff Copeland]

Does she need the cash right away (is that why she's selling)? If not, you could simply agree to terms, draw up a contract, and set the closing date a year from now. 

Alternatively, you could buy the house, then lease it back to the relatives for a minimal about ($20 for the year or whatever) - the key outcomes in this second scenario are to make sure you take ownership with no clouds on title, and then have a written lease in place so all parties are protected, you would have the right to evict (on grounds other than payment of rent) if things go bad.