Exactly what Chris suggests - buy the house from them and rent it back to them.

At a minimum I'd suggest $100,000 cash.

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I have put the rental price below the market (as suggested by local real estate agents).

One thing I suggest doing as you do your research as well is to find a property on AirBnB that you like. 

@Daniel Hartz...it would have been easier for suggestions if you have posted the address so some of us could see if there's more equity than what is being stated.  

Any realtors out there can suggest any and explain your experience with them?

I would suggest that you make sure your Attorney records the deed as well.

For the immediate time, I'd love any contractors and handymen suggestions, but eventually, to work with agents to buy and sell in the area. 

I wouldn't suggest you buy a single-family home to live in because the additional cost outweighs the benefits.