I don’t know the numbers so not sure if it’s a good idea or not.
First thing you should do it get your father in law on the title. This way if anything happens, your wife will get her share as long as proper will and trust have been set up.
If I were you, I wouldn’t take over the loan yet if the current loan is being paid off and has good interest rate.
@Steven Escobedo , you haven't said if her father wants to be bought out too. ie. If not, then she doesn't "take ownership of the property", right?
Also, who'd be living in the Triplex? Also, what are the Tax implications for her parents and uncle - if they sell at a "'gift" discount off fair market value?
[But, that last question doesn't really concern your wife, right?]
The short answer is: If you and your wife can buy out everyone for $300k+ instant equity (ie. buy for $400k, worth $700k+), then yes, it's a goldmine!
[But my guess is: her dad does not want to be bought out? ie. Still complex?] Good luck...
The dad just wants to get her name on the property somehow. Hes older and really has nothing to go by in the event something happens to him. Can we place her name on the deed? and not on the loan? what implications will that cause?
If the uncle wants to get bought out at 200k how do we do that? do we refinance and get a new loan with her name only?
are we handcuffing ourselves to this property by getting on the loan and what implications with this due to our future investments?