This adds an additional layer of risk and you really have to be careful here. 

The idea with this strategy is to target heirs, relatives, or spouses that have no time to take care of properties that were literally just given to them.

@Jonathan Bouren It really wasn't much of an answer haha, sorry but I am no lawyer to tell you how to go about it.

He takes great care of the space, does minor maintenance himself, and I get the rent usually EARLY by a day or two. 

It does require self-employment activity, but has a lot of advantages: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

You definitely should seek the advice of an experienced elder-care lawyer.   

@Tamara Shipp in your situation I would be super careful about using the equity in your property for anything.

Also in those older home you should really be careful on how you lay it out.

Who cares what BP thinks, only matters what the seller thinks.

Be careful here; as entrepreneurs we all suffer from the fact we see opportunity on every corner.