Options for Ugly Houses under Life Estate?

[Account Closed]

I was doing some driving for dollars research and found a property in definite need of work. I brought the address home to find out the tax record mentions that it is a Life Estate. Quick google search says "A life estate deed is a deed form used to transfer property to one party automatically upon another party's death. The life tenant's interest is called a life estate. The interest that passes to the remainder beneficiary is called a remainder" My concern is if the house is under an estate for the owner they may not be able to sell? Anyone do a deal with someone thing like this in place?

[Chris Soignier]

I'm not a lawyer, but it would be a challenging transaction in that you have multiple interests in the property.   The life estate was likely created so the beneficiary would have a place to live out the rest of his/her years, which means they're not likely to want to move.   You might be able to purchase the remainder estate, but you won't get control or cash flow for what could be decades.  Neither beneficiary may want to invest in fixing up the place since neither gets full benefit from their investment.   My advice?    Pass.