I have a plumber who made $700k net last year between him and his father, they put all that money either in a high yield savings account or put it back to their business.

My father and I bought  a Vacation home in Florida 7 years ago for $500k and purchased it in an LLC ..

Property Manager in that geographical area had a father that was a handyman.   35K into it and the property was somewhat pretty  and we converted it from a two bedroom to a four bedroom.It appraised for 160 so I did a cash out refi.

The life estate will spell out the obligations of the step-father (taxes, utilities, insurance, upkeep - or even a base rent that you could use to cover those costs).

Now, granted, this is going back more than 40 years ago so there have surely been changes - BUT, much has not changed (my father still lives in the Poconos during the warm season).

Some of the questions I'll need to discuss with them:1) The home is renting by the room (grand-fathered with the city zoning) and month-to-month, and I want to understand which of the laws apply to our situation.

YT it and it's a really creative way to purchase your mother/father in laws property.  

Brought up by a father who owned his own construction business my entire life, I know the trade well.

My 12 yr old sister was playing horseshoes with my father and 2 other adults. she was good at it.

My father-in-law owns a farm in Southeast Ohio.