Possession: The buyer typically takes possession of the property immediately upon signing the contract.

Is the beneficiary of the trust in possession of evidence?

So you just never know what you will find once you get possession. 

Once we got possession of the house we literally had to wear respirators to be able to enter the house the cat urine smell was so strong.  

Greg Scott is correct, you will have to pay capital gains tax on any monies you take possession of. 

I haven't paid for the background check yet but she said it was a non-violent possession felony.

There's a few other things to think about too: 1 - Possible owner financing if he wants to still get a stream of income into retirement at an attractive rate compared to the rest of the market (win/win scenario, you don't need to come up with as much cash, and he makes a little $ on the %) 2 - Consider a post possession if he needs some time to move out but needs the cash up front for whatever reason 3 - Leave all the furniture/junk in the property and you'll handle clean up etc. 

Success in real estate requires at least two of the following, thou possessing all three is better; capital, knowledge and experience.  

If you want to keep them in possession until you die to avoid paying capital gains tax, you need a very low maintenance plan or to hand the maintenance off to a trusted advisor (child?)

It could be a very long time before you obtain possession of that property and getting it could cost you thousand$ in legal fees, damages, etc.