Help Please!

[Esaul Viramontes]

Working on potentially our first investment deal and need some advice. My wife's grandmother owns a house outright. She is very ill and is currently in a nursing home. 2 of her sons who are in their 50's still live at home and feel They are the owners even tho Grandma is the ONLY one on title. We have approached them about buying their home cash so that proceeds can go and take care of grandma while she is STILL alive. I told my wife that probably the next step to take would be get ALL sibblings on board(and they are) and get together with the attorney. There are several sibblings but One seems to be a thorn and its one that still feels HE owns the house. We have been as nice as possible with him as we dont want this to get ugly..........Any advice on this would be great :)

[Josh Caldwell]

I would approach this differantly than most. I wouldnt make a cash offer. 

My offer would be a structured purchase or terms or whatever verbage you are comfortable with. I would offer to purchase the house for full market value but paid in monthly installments, that way grandma gets the income while she lives, and the remainder of the equity goes to her heirs.  This should make the thorn happy and give grandma an income that will last for her entire life, as well as a legacy to pass onto her children.

Any RE attorney can set this sort of purchase up for you.  The legal documents will chage state to state but the concept is what you need to explain.

I hope that helps

Josh