Hand it to the person as is.You are basically placing your interest on the property and the son will not be able to sell the property with a clean title because you have placed a claim on the title.

The easy way is to obviously take out a full loan, pay off the other siblings, but then we would be borrowing more money than would be necessary.Maybe I'm missing something obvious - but that's the only clean way I can see to approach this process.  

Take time to clean dirt, remove nails, spackle and sand, it doesn't take much time to do it right.Hopefully you haven't already done new flooring, if so be sure and protect it.

Figure out how much you want to clean up and lock away your stuff in your own house.I rent rooms to people in my house.

I will also say, tenants aren't stupid-- if they know you are coming (required 24-hr notice), and they are doing shady stuff, you better believe they can clean up!    

Most of them couldn't care less about your success, either.It sounds harsh and kind of gloomy but it's what I've observed in the past few years.Never trust that paperwork will be transferred correctly, never trust that your servicer will make the call, never trust that your attorney will have your foreclosure published, never trust that your contractor is going to do their job, never trust that the county is going to account for your payment right.

Nolo California Landlord's Law Book says I should direct my effort to speedy clean-up and replacement of damaged areas.

I am very busy cleaning up and repairing the house.  

It is usually easier to just get the deed in your name, clean it up and get rid of it.

If it needs no repairs and I just quickly toss in some numbers it would look like this.Examplepurchased for 59,000$25% downpayment $14,750Closing costs $2,000Initial loan amount $44,250Term: 4.5% 30 yearsRent: 750$ExpensesVacancy -60$Insurance -25$Repairs -69$Taxes -49$Cleaning misc -39$Net operating income 508$mortgage payment - 224$Monthly Cash flow +284$Cash on cash return 20%