We are thinking about doing something similar with my in-laws sometime in the next few years. We don’t have an exact time table because my mother-in-law won’t move until her parents pass away (in their 90’s).
Our situation is more difficult though because of their restrictions. They have always lived in more rural areas and don’t want to live anywhere near neighbors. So we would have to find something with a minimum of 1 acre. We don’t want them TOO close to us anyway so we’re thinking somewhere more inland and rural. They have lived though the heat of the summers back East their entire life so I’m assuming they can handle our inland climate.
We would be buying the house though and they would be paying us rent. My husband has a brother and he wouldn’t be involved in the deal. We would get the house when they die obviously and whatever other assets they had would be split evenly. When they sell their house back East they would just live on that $ through their retirement.
