The typical is a TRUST, with subordinate trustees, all siblings as beneficiaries, but must be done by the parents before demise.Seek legal counsel, but suggest a family member as a trustee, as the banks will rob you blind with fees.

We are in NJ and because of sibling tensions also we need to stay hands off of the deal (otherwise we would flip it) But, I thought maybe someone here could give us some guidance on pricing and I could give you the address and realtor info if you are interested (PM me)It's a 3 br/1 bathroom/garage brick ranch on the north side of Hampton.

Here's an example: A free and cleared duplex is owned by two siblings, Bob and Joe, and each own a certain portion of the property.

I was the older sibling, so my brother trusted me for certain duties.  

Wife's sibling told me I should get DREAMER for my license plate.

I would like to know what the best loan option is in order to rehab the house and buy my siblings out of their share?  

It can be a lot of fun with a house full of siblings 🙂. 

Plus, there would be no need to will the house to you & your siblings.

Additionally, the deed of the house is in his father's name (now deceased) and it was inherited by the son (who I'm calling the owner, and who lives there) and his two siblings.

Richard, i think that is a great thing to do for your parents and is a good plan. if you have any siblings, just make sure you get everything in writing about the deal and that you will pay off the debt in the mean time and that it will be yours, just to avoid any future arguments.