Rent to Own
Hi Everyone,
I'm new to the forums, but have been following Bigger Pockets Podcast and Youtube channels and love what I've been learning. I have kind of a personal question and I hope that's OK to put here. My Grandpa just passed away and my we are concerned for my Grandma living alone as she tends to fall easily now days and needs a little more help. There is a home right next to my Grandma's that just went up for sale but is bank owned. My husband and I are currently on another mortgage with his parents kind of as an investment property with a tenant renting it at the moment. We tried to qualify for a mortgage, but because of the other property to our names and too low of income, we were rejected. We are trying to figure out a creative way to get in this house next to my Grandma with out the typical mortgage. My grandma is willing to help out to get us closer and we were talking about her buying the property and then us renting to own it. Our only concern is does this get hairy if she passes away before we get it refinanced under our own names? Anyone have any suggestions or maybe a lawyer is more what we need to talk to?
Thank you so much for any advice! Looking forward to learn more on here and one day get further into real estate investing!