Posted by Joe Zimny on July 08, 2003 at 20:03:11:
Get a valuation on the property and determin fair market value for the property, as is. Then structure the deal with your mom so that she carries back a 50% second and then go out and get a mortgage for 50% of the value. You take title, rent it out and then your brother will be forced to move. Frame it for all parties as a good business decision for everyone - ‘win - win’.
Of course, mom might need to live with you temporarily but you must think creatively about all options if you want to do this deal. Take care of mom, give her cash, ask for her help in getting it done and your brother will have no choice but to leave. You might be surprised what your mom is willing to do if you propose a ‘win-win’ scenario.
As long as the number work then this is probably do-able. Good luck.