Buying a property with a Life Estate

[Ryan Pal]

Hey Gang,

I have a lead that is 2 houses on one lot.  One house is paying $800 a month and the other is a Life Estate where they are paying 50% of the yearly taxes and utilities.  The relative in the life estate is in their 80s with no plans of leaving.   I've never dealt with life estates so I wanted to get some feedback of how I could structure a deal (if possible).

Any feedback is appreciated, thanks in advance.

[Roy N.]

@Ryan Pal

Sounds like a fairly rare situation.  Two folks who may have experience with life estates would be @Rick H. and @K. Marie P  {Whose '@' reference seldom works}, perhaps they could chime in.