House poor family with fully paid off house in Westlake/Eanes

[Daniel Tisdale]

Hi all,

One of my family members has a house in the very desirable Westlake neighborhood and the Eanes school district. It is fully paid off and worth around $1 million today. They are coming to me with help about what to do because they don't have much money other than all of this equity in their house. 

Ideally I'd like to keep this property in the family, so I'm trying to think of some creative financing strategy that would allow me to buy it from them through seller financing or some other mechanism and allow them to retire with their house equity.

Does anyone have any creative strategies to help them that I am not thinking about?

One idea is to purchase it from them using seller financing and then rent the property back to them, but not sure if that makes much sense.

Thanks in advance,

Daniel

[Adefemi Tee]

Im new in the investing space and im looking for more experienced commenters to give you more insight into how to navigate the financing aspect of things.

On a more personal note, if you do get involved in buying a property from a family member, my advice would be for it to be a clean cut to minimize any future problems. I personally wouldn't consider renting back to them specifically.