Thanks Gary. You have it almost correct. We want to buy the house with them as the owner, then put it in a land trust immediately so that when the inevitable occurs, we acquire the property, and so there is at least one layer of asset protection. Yes, we would manage the property as a family. I suppose they would receive the tax benefits, which is something we want. They do not have retirement benefits other than SS and Medicare and the way it stands right now, we will inherit debt in a house that needs a complete rehab. We would like to sell that house and buy another property in this manner to create a win-win for everyone. I plan to seek out tax and real estate accountants and attorneys soon, but I wanted to see what the forums would provide as well.
