Buying a house before the owner goes into the nursing home...
Here is the situation. I have a potential deal where the owner is currently in the hospital and the kids want to get rid of the house. They've already contacted an appraiser to look at the house and the owner is on a waiting list to go into a nursing facility. The house is in need of major repairs and I'm in the middle of calculating everything. Once the owner is in the nursing facility she has 9 months of private money before medicare kicks in. I understand that medicare does a look back on property and could potentially come back for their cut.
The kids are looking to move the house and be done with it even if they have to owe money in the end. It holds 2 mortgages which amount to 79k, the house conservatively once fixed up could be between 120k - 130k. How can I structure this deal? Should I have the kids start talking with an elder law attorney? From what i understand is that these situations are shaky to begin with. This will be my first deal.
Looking for some insight on how to structure.