Unique Purchase Strategy

[James Edwards]

Hi all, 

Curious if anyone has ever put together a deal like this. 

So I have some elderly family member that owns a nice property. I often do general maintenance, or landscaping chores just to help them out. 

The property is valued pretty high, probably higher than I could currently get on a mortgage. 

I've been considering making a deal for a purchase option on the property. 

I would offer to purchase the property for x amount, probably 10% under current market value:

I would pay all property taxes, insurance, perform and pay for all maintenance/repair of the property. If when 1 family member passes away, the deed transfer to me and I will have the option to purchase it for the set x amount, minus any of the above costs. Should I not qualify for a re-fi on the property to cover the amount, the property goes back to the estate. 

Should I purchase it,the 2nd family member, can live in the house for as long as they are willing/able, as long as they are willing to pay me x rent, and I will continue to pay for the same as above. 

My thought is this would be like a reverse mortgage. 

Benefits to me:

I would lock in a purchase price

I would likely be able to fi/refi the property at the time I purchase it. 

Benefits to them:

They wouldn't have to worry about any house bills

It would be maintained to the standard they like

The house would go to someone they like/would appreciate the property

Both family members would ensure that either one would be able to stay there

Has anyone made a deal similar to this, anything else I could offer on it?