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[quote=Anonymous]
OP - I live in Charlottesville, and $200,000 is not likely to get you much of a house and probably only in an outer lying county rather than in the City or  Albemarle County.  This is also a comparatively expensive area to live and retire in so do not think that they will save a lot necessarily by moving here.

You did not mention that you have two young children in early posts so it seemed like you were just dealing with a couple without kids or with older kids. [b] Fact number one is that you need to put the present and future costs needs of your children first over his parent's choice for you all to fund some random new house for them.[/b]  This issue needs to be brought front and center to your husband.

It might also be advisable for you to start handling your family finances with your husband so that you have more of a handle on facts and figures and can figure out what other schemes he might come up with.  "If" you even consider to have a discussion on this proposed business venture, you and DH and ILs need to go to as advised a flat fee financial advisor to have a full accounting with paper documentation of their assets, home value etc. as well as your own - should something happen and you all be saddled with the debt.

[b]Second Fact is that you and DH need to get a clue as the reality of what you will need to be saving for two college education for kids and for your retirement because it does not sound as if there will be any inheritance from his side to consider.  Also, early 60s are quite likely to still be around when you all retire so do not count on money then.[/b]

Finally, the next hair brained idea I see coming out of these three - only children - including DH is that because you helped them with the house and will get it in the future, you all should be willing to come on down to care for them as needed when they need it here in Charlottesville. [b] They would do much better to look for a cheaper home they could afford in places like Fluvanna County, Madison or even Culpeper counties that would have fairly close access to DC, but not involve you all in their financial lives.  You have too many unknowns ahead in your financial lives with two young children.[/b][/quote]

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