Indefinite Leaseback Investment Property Purchase
Has anyone considered trying to attract sellers by offering indefinite leasebacks of the property to the prior owner? With a possible economic depression on the doorstep, I imagine there will be plenty of homeowners unable to make payments. By offering an indefinite leaseback, the homeowner would be able to cash out of their property, without having to move. It seems like there could be hidden dangers involved, but there also seems to be potential for significant upside so I'm wondering if anyone has experience with this concept?
When I say "indefinite leaseback", I am referring to the previous owner entering into a rental agreement with the new buyer where they have the right to renew the rental agreement indefinitely until they choose to move. Obviously, this would be very similar to a traditional rental agreement with room for annual rental raises, landlord protections/grounds for eviction, etc.