@Kyle Fry The homeowner and I discussed how we wanted to proceed until it was good enough to get it in writing. The agreement was signed by us both (and actually this part no attorney was included...we just ensured it was notarized). Basically for us it worked out that if I sold the place, I would split the proceeds with her minus the overhead I’ve paid until that time). This way I didn’t have to come to the table with any money.
The mortgage statements:
I drafted a letter to have her mortgage company send me all statements (she of course had to sign the letter which included her SSN). I used a draft from the instructor from a Coursera course I took. Looking back I’m sure I could have found one on google. So she mailed that off and a few weeks later I was receiving her statements.
Insurance:
I have rental property insurance through USAA. So this part might have been easy because of them but I had them add her on this policy. The mortgage company still has to see the mortgage holder on the insurance. It’s been about 3 years and they haven’t inquired despite it being rental property insurance and not homeowner insurance policy. And when I had the water damage and had to submit a claim, USAA didn’t inquire either.
But there are several different ways this deal could have been done. This just happened to work for me.
Hope this helps!
