Buying the neighbor's home

[Stacy Nettinga]

We currently own 1 SFH, 1 duplex, and 1 threeplex. We plan to keep them all for a number of years. We are interested in buying my neighbor's home, for another rental. We had agreed on a price, and we planned to rent back to him, at a price lower than his payment, until such time as he decided to move. (His health is getting bad). He figures maybe next summer he will be looking to move to an assisted living facility. Anyway, before we could come with the check, he got cold feet.

We still want this property, but don't want to have to deal with his heirs/family. Or even worse, don't want the home to go into foreclosure. There will really be no estate when it is all said and done. Is there a way we can "start the sale" by making a downpayment, then complete the transaction at the time of his death? This would eliminate his fear of being forced out some way.

Any help is appreciated. By the way, I spend hours reading on this site. Wish I had know about all of you several years ago. What a wonderful collection of intelligence. I hope to become worthy!!