Looking for advice on a duplex purchase from a 70-year-old neighbor. Property is worth about $500k with roughly $175k owed. One unit could rent for around $2,100/month. Seller wants to stay in her unit for little or no rent after the sale. What would be the best structure: life estate, leaseback, seller financing, or something else? Has anyone done a similar deal?
Life Estate would be good, typically they are required to pay property taxes and maintain their interest. It also allows either party to obtain a loan on their interest. Talk to a local attorney for your specific scenario.