Re: Help-creative minds are needed here - Posted by Bill Gatten
Posted by Bill Gatten on May 14, 1999 at 15:21:44:
You might suggest that you would lease the property from him on a Tax-Lease basis via a Land Trust. I.e., suggest that the property be held in a netrual land trust in his name, with you as a co-beneficiary, for a couple years, until you are capable of buying it outright. In the meantime, you have 100% of the incidents and benefits of ownership, including tax write-off. He gets full rent (and then some if you’re willing to pay more… because you have the tax write-off), you handle all repairs, maintenance and upkeep: he has no such responsilbity. It’s a win-win for him and for you (you have 100% of the benefits of ownership clear up until such time as you either sell, or refiance the proeprty into you own name.
In the interim the property is shielded from virtully any possiblityof ligitagiton (i.e., his probate prceedings… at that age he probably doesn’t even buy green bananna anymore). Plus there is no risk of DOS violation… etc., etc…
If you’d like me to talk to his agent for you, just let me know, and we’ll get you that doggone house.