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buying a house way below market/ like a loan to someone
Hello, this is my first time posting on here I am in Canada and have followed this site for years. I have slowly been getting my legs under me and now I have an interesting opportunity in front of me. I know someone who needs money and they also want to get their name of the title of there property as they are worried the government may try to seize it as they are in a long legal battle with. (nothing bad but it has been a trying time and taken years due to covid.) They need money to go back to court, but don't want to lose the house or move. so they are proposing I buy the house at a very low rate and it would be all under my name and they would rent off my. I do the buy and hold strategy so this seems like a win win for me as they are telling me the property is worth around 1.2 and they are hoping for 300- 500 and eventually they will buy the place back off me for that amount or a little more while they pay rent. I am posting here as I am trying to find any laws or downsides to this. Because after my number the property has a great CoC% so if I where to just buy a house like this it would be fine. My questions are has anyone had a similar thing happen where a family or friend sold them there house as like a loan for a few years and just paid rent and how did that go? 2. Is there any legal way the courts could come after me for buying the house at such a cheap rate?
3. Is there anything else I should be watching out for.
Thank you to anyone who gives this a read and I will appreciate any wisdom