I don't think there is any problem with retaining a life estate, but I would have a tax practitioner that specializes in Estate & Gift issues assist in making the relevant calculations and drafting the supporting documentation.

Hi John,Maybe think about Landlord Locks.You can look them up on the internet.1 master key and individual tenant keys.Good Luck!

I hope this can give others another idea of how to do a Brrrr, because you can get more rent by renting individual rooms in a house.

One thing to note when looking at the individual markets, you can make or loose money in any market.

Would it be easier to write a specific contract for each sum he transfers to me and have 5 or 6 individual notes with descriptive verbage on the terms?

So I'm trying to get to the owner before they've exhausted all their options of unsuccessfully selling on their own and start seeking agent assistance.

Yes, you had to make sure you’re legally compliant, but it is something with an average individual can do.

@Nicholas HeinrichLand that can be developed into subdivision;  individual houses; RV Park; mobile home park; storage units; apartments; commercial buildings; strip mall are good deals.  

The primary driver is what your individual facts and circumstances look like. 

The issue with answering your questions is that every individual has different goals and ways they should approach the "next steps" depending on their financial situations.