Family needs help

2 Replies

Hello everyone,

I have a family member who's has passed away over 5 years in Florida. His property has been taken over by his kids.

There is going to be a tax auction shortly. I would like to purchase the property in my company name, this will keep them from knowing I purchase the property.

His children and family members are living in the property.My plan is to allow them to stay in the house by paying a very low...low monthly rent, far below the going rate. I will sent them a notice to go to an attorney office and sign a lease, that would allow them to say there for 3 to 4 years without an increase. I will only do major repairs. Next, I will have an inspector come to the house to inspect the property, and have them sign off the inspection sheet. I know there are lots of repairs that are needed, may be over $40,000! I place in the lease that know repairs will be done unless it is a major repair during the 3rd or 4th year. Because once they know I'm the landlord, One of the family members will spitefully destroyed the place. I know they are leaving within 3 years.

Third, I will have a good attorney to take the cloud off the property within 30 days of me purchasing the property.

My question, am I doing this correctly? Does anyone have thoughts about me doing this correctly.

Oh, I don't live in Florida.

Thanks.

Originally posted by @Prince Walker :

Hello everyone,

I have a family member who's has passed away over 5 years in Florida. His property has been taken over by his kids.

There is going to be a tax auction shortly. I would like to purchase the property in my company name, this will keep them from knowing I purchase the property.

His children and family members are living in the property.My plan is to allow them to stay in the house by paying a very low...low monthly rent, far below the going rate. I will sent them a notice to go to an attorney office and sign a lease, that would allow them to say there for 3 to 4 years without an increase. I will only do major repairs. Next, I will have an inspector come to the house to inspect the property, and have them sign off the inspection sheet. I know there are lots of repairs that are needed, may be over $40,000! I place in the lease that know repairs will be done unless it is a major repair during the 3rd or 4th year. Because once they know I'm the landlord, One of the family members will spitefully destroyed the place. I know they are leaving within 3 years.

Third, I will have a good attorney to take the cloud off the property within 30 days of me purchasing the property.

My question, am I doing this correctly? Does anyone have thoughts about me doing this correctly.

Oh, I don't live in Florida.

Thanks.

Is that legal in the state where the property is located? You might want to find that out beforehand. Crappy tenants/family members or not, you have different obligations as property owner then as relative.

Kudos,

Mary

Mary, I know that family can be a hand full. This is a touchy situation. But, Mary, we must extend a hand to family. This just happen to be one of those situation. Sometime we must do what we must do!

Thanks, 

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