Triplex / family/ good deal?
Here is a hard one for you :
My wife’s parents live in a triplex. Who is owned by her uncle on paper yet the uncle and her dad split the original down payment. So in true reality they are co-owners. Now that my wife is an adult her dad wants her name tied to the property somehow.
The property was purchased for 500k and is worth 700 k approx. currently under 15 yr loan and 300k is remaining balance.
Option 1 . Uncle would not mind being bought off for 200k and she takes ownership of the property. So maybe new loan?
Option 2 . We get her on the loan? How that works I don’t know.
What makes more sense? Is this a good deal? Are we hurting ourselves by doing any of this. Or are we sitting on a goldmine?