Are they actually going to buy the house from him, like a contract for deed, and he keep his mortgage, or are they just going to assume payments?
And with a new wife in the picture, I would be very wary of getting into a four way real estate deal.
It seems like they want to go with signing over the home and assuming payments at his interest rate and all.
It seems like he will just be disjoint from all "landlord" responsibilites, he won't have the home in his name, and we would keep paying the mortgage via the Renters.
Yeah, sorry for the lack of details but I don't have many; also I have yet to purchase my own home. I hope to do that in one or two years max.
We just bought a new car and I had a mildly difficult time controlling my wife emotions; glad that is over with...
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So back to the house - I just wonder what happens if the house is problematic with mold or something god awful. Then will I be apart of some legal action?
Also what happens if the home is, maybe, condemned for some natural disaster or what-not. Then we will have to keep paying the Mortgage without Renter assistance.
Also, one of my wife siblings is a financially instable single mom, this would be my sister-in-law. What happens if she can't pay for the upkeep or her future share of the Mortgage should we all have to pay?
The ideas is that the home would be kept as a retirement place for my Father-in-law should he lose his mind and not take care of himself...
Or any poor soul that is in our family that wants/needs a place to stay (rent).
I've seen family burn one another on these "Let me rent your house" deals.
Anyhow, any advice, suggestions, information shared would be helpful. - Thanks.