Seller Financing with Rent back, POSSIBLE?
I would love to hear anyones thoughts on how they would structure this
Seller is facing tax foreclosure.
Mom is 94 and daughter is in her 60's. Mom does not want to move because of how long she has lived there.
Approached me wanting help to stay in their home. Offered to buy the home with seller financing and renting it back to them. Will immediately raise the money to pay them off and continue to rent to them.
House is in very bad condition inside (hoarders) but is in a great area and purchase price is 50% of ARV. Need about 120k fix up for a total value of 600k.
Will make it apparent they need to clean up the house if they want their lease extended. All intentions are to help them continue living their and also clean up the inside.
Seller has first right of refusal to purchase back for x amount still below FMV.