I know of a guy who is cash strapped. He has a nice, small mountain cabin for sale. No mortgage. I would foot the bill and we would both have legal talent setting this up. For some reason, it’s been on the market for 2.5 yrs. Some reduction in price. No offers. It’s out of the way, and is lackluster in appearance. Other cabins show better.
I was thinking of offering to take it off his hands. Get an appraisal, and that is the value we would deal with over the years.
With the provision that, if/when we want to sell it, his estate would get first rights to it, and the value we established earlier (they get the value or the cabin back, in good shape). I would pick up all transfer fees.
Get him out from under taxes
Get him out from under well or roof maint
Take care of other maint expenses (such as painting)
Take care of insurance
If and when the real estate market picks back up, he might get it back with a huge profit.
I would foot the bill and we would both have legal talent setting this up.
Without going into lots of detail, is this a good deal for the for both of us?