Long term legalities

[Cheryl Blanc]

I have met a lot of Nay-sayers, but I have purchased a nice single family home for a friend to help her start over. She will rent from me this year and it will be written into a contract. I paid cash so closing will be quick.

My friend is very talented and familiar with real estate. She will help me with several projects including a Reno I will be doing on my own property when it closes at the end of the month.

She wants to keep the house after 12 months and wants to purchase it from me.

I would so much appreciate advice from experience—and I can think “out of the box”. Here are some numbers.

Purchase amt is $207k plus closing costs for cash sale.

She says she can afford $900/mo.

I will have her help me with projects to bring the monthly amount to $1300k

What should my terms be? I know it’s a bad idea so that’s not what I need to discuss. Who is best to help me with the lease agreement, etc. and is there any creative thing I can do to make this a great idea?

Thanks in advance for insights.