Get a good RE attorney. This is a no brainer however. This will be a contract sale and as long as the terms and conditions are defensible you should be fine. She can not sell it to you super cheap. So you need a fair evaluation. Go to the low end of a fair scale. The IRS can tag you later for taxes. You will be able to write the payments off and she will have to claim the income as taxable but big deal! Have her will you her interest in the trust deed or note if you can.
Sounds like a really nice deal out there in Canby and I wish you the best!
re/max hall of fame
Re/Max Metro Gold
Hope that helps!
Real Estate Broker & Residential/Commercial Loan Officer
Commonwealth Group & Sunset Mortgage Co.