Legbuh wrote:
ameijers wrote:
I bought the house my father is living in now, and rent it to him.

That is actually one idea I had. I am going to talk with my tax guy
about this. The only issue may be that there are 6 kids in the family.
I am the only one that could come close to doing this for them.

So lets say I buy it for them, take rent which pays the mortgage (and
taxes? etc..). They die. I sell it and triple my money (the way my
mom is talking, it will.. but I know it's mostly the realter blowing
smoke). I could see a couple of the kids thinking they deserve some of
it. Maybe.

Yes, that could very well happen. Your siblings could feel that you
got a sweet deal by setting up this rental arrangement instead of your
parents just buying the place. One solution would be to offer to set
up a partnership to buy the home, with ownership to be split among
whoever is willing to go in on it upfront. If they don;t have the
cash or won't participate, then at least they were offered to be in on
it, which may help sooth feelings. But don't count on it

One advantage to your plan that no one has really talked about is the
possibility that your parents might need nursing home care at some
point and might need to qualify for assistance. Having the home owned
by someone else eliminates that as being counted as an asset, provided
it is done early enough, and not in direct anticipation of the event.
But as you realize, there are clear negatives to that as well.






The final problem is that they already have made a couple offers,
haven't had an inspection or any contingencies on the offer.

My mom thinks because it's a doublewide/modular home built in 98 that
it doesn't need an inspection. I told her if I was going to help, there
would be an inspection, no questions asked. and I would even pay for it.