You said the seller would like to stay in the home so I assume this is their homestead.
FYI, I believe my attorney has advised me not to do transactions like this.
He said the only thing I should consider on a homestead is to do a refinance of an existing loan and make sure we not to give cash back to the homeowner.
Any investor considering this type of scenario should be careful and probably consult a real estate attorney.
Hope this helps,
Neil Aggarwal
NSA Partners, Ltd.
