Asked by Marklan, 27284 • Sun Dec 8, 2013
Two years ago my sister went through a divorce and the they lost their house to foreclosure. She has been renting since then $600 a month. I would like to buy a house for her in my name using my money as the down payment. Let her rent it from me for three to five years, with no profit to me, until her credit score comes back up, then sell the house to her for the remaining balance again no profit to me. The down payment money, most likely, would not be repaid to me. She would put up the down payment money when buying it from me or I would bank money for her toward her down payment by charging rent beyond the actual payment amount. What's the best way to do this? I know that if something was to happen that she was unable to get the house in three to five years I would be out my down payment and the realtors commission to sell the house but I am willing to take the risk to help her get out of paying $600 a month rent the rest of her life.
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