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Reply to "SIL with house but no money "
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[quote=Anonymous]OP, It seems to me that you and DH have a nice real estate investment opportunity here while simultaneously meeting your familial responsibilities. The house should have been appraised as part of the filing of your father's estate tax return. Offer to buy the house from your sister for the appraised value. Apply that money as pre-paid rent for the next X years, at a bit of a discount off market rent since your tenant is your sister. Once you own the house, assume the costs of fixing it up to make it livable for her. Visit her every couple of weeks to make sure any maintenance is taken care of and that she's not destroying the place. Pay the taxes. Mow the lawn. etc. Most important, help her get trained for a career so that at the end of X years, she can start paying the rent from her income. Depending on her age, this might not be an issue. If she were my sister, that's what I'd, and I'm sure my late father would approve.[/quote]
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