You have a TIC agreement that allows to begin buying out the owner's interests in the event he no longer remains in the house (like going to a nursing home). 

It made it very manageable with a full time nursing job and two kids!  

🌴Dedicated myself to being a housewife and mother.

My attorney is suggesting that we structure his lease to cap the rent as $350 as long as he chooses to stay in the unit.According to the seller, he committed to his mother that the brother would always be 'taken care of,' and this is his way of doing it.I see a couple of risks:- What is he stops paying rent?  

It remains in my mother-in-law's name and will do so throughout whatever route we go.

My mother, who is retired is considering purchasing a property in Philly and paying me to manage it for her.

My mother is a broker in the state of Michigan and still active in the RE community.

I am a stay at home mother of 4, 4 and under.  

That is a very high pref, and unless there is a lot of current income to offset it (highly unlikely) you're probably buying into a deal that requires a home run just to meet its promised returns.The only crowdfund deals I've seen that offer the returns that you describe are skilled nursing and maybe some hotel development deals.  

The Grandaughter of the man who last lived there , she is now the Heir of the PropertyThis property has been sitting vacant/distressed for over a year nowThe Mother of the Daughter told me that the IRS " Owns " the property via a Lien , and that the amount of the Lien is for $55,000 I have the Cash to buy the Property ,but am still unsure of a few things :1.