Purchasing House From Elderly Parents

[Paul Kersey]

I am 56 and want to purchase one of my 87 year old fathers three rental houses for myself to live in. The house was gifted to my father from a family member so he has no money invested in it other than maintenance that comes from the rent, he has rented it out over 20 years but now would like to sell it to me to live in for 40,000.00 well below fair market value at around 100,000.00

My question is if I purchase it from him and something happens after the sale to my father and he needs healthcare more than he has money for can the county or state come back on me and take the house or make me pay the state of Ohio the difference? He doesn't owe anything and is mostly healthy but wants that house to stay in the family but I don't want forced out if something did happen or to lose my investment. Any advice is appreciated and I will call my attorney next week but I was curious if anyone has came across this before. Thanks