Motivated seller BUT...Deed and Financing problems

[Chaz Heasley]

A friend of mine is a distressed homeowner with a very distressed house that has foundation issues, the exterior and interior is terrible, and overall is in bad shape other than a new tin roof. She has lived in the house up until the past year but is now renting an apartment cuz it is infested with rats. The problem is that the deed is in her dads name...she said her dad has a clear title and wants to sign it over to her but he is in a nursing home and Medicare won't let him give away his assets or they will stop paying for his care. I don't understand why Medicare is concerned with his assets unless he has unpaid medical bills but I didn't ask...is there any way around this??? Also coincidentally I'm trying to get started in RE working at a group home for minimum wage like my hero Brandon Turner who I've been reading his book on investing with no and low money down lol. So I have very little in my savings on a very tight budget. The bank denied me for an FHA loan to use to invest I'm guessing because I have a house that was gifted to me but I still can't get a loan for it because it's not quite in "move-in ready condition" yet. I tried to see what I could prequalify for with a conventional loan but was denied for even $28k due to lack of income and assets. The lender said my best bet would be to get my house "move-in ready", get it reappraised, and use the equity. But even if I contracted it out it would take at least 3-4 months I'm guessing for that whole process. Are my only other options hard money plus finding a partner to fund the purchase and rehab costs? I know that taking on such a major rehab isn't recommended for new investors and haven't found a GC yet so maybe I'm getting too far ahead of myself...just wondering what y'all think about all this and if I'm on the right track

[Glenn McCrorey]

You have to be broke effectively to have the government pick up your nursing home bill.  Owning a home is exempt so you will have a place to live if you are discharged.  Your friend should make sure his estate is in order so the home doesn't to to probate court if he passes.

Does the company you work for have any housing needs?  Those are the kind of companies I buy house for.  Maybe there is an opportunity there for you.

[Chaz Heasley]

Yea the company I work for is usually looking for houses to rent. They are always moving clients around or getting new clients that need housing. A lot of landlords in my area love having them as tenants cuz they're good about paying rent.