Advice needed in a unusual house purchase.
Good day all, lurked for a while first time poster until now. We're a small family w/ two youngsters renting now for 4yrs in an awesome neighborhood great school district funky old rental house. Proposed to the current landlord to purchase the dwelling but the old couple want to hang on to it for their sons benefit. This neighborhood is very desirable and is mixed w/ different levels of architecture even w/ the downturn in the economy parcels are still being sold quickly when the come around. Onto my question the old lady whom lives across the street w/ a lot and 1/2 residing in a fairly ramshackled house has lost her cat recently, whom apparently meant everything to her. She's ready to move on and find some type of duplex or living arrangement closer to town w/o any maintenance and just easier living. Their hasn't been a lick of maintenance done in 15-20yrs on the house so it will need to be gutted down to the framework and new systems installed. I'm not worried about the structure since Ive been dealing w/ the construction of houses for the last 25yrs. Her dilemma is she cant sell the house due to the amount of money she'll be collecting form the sale which will throw her assistance she receives from the state out. I have not pried into what benefits she gets but in any-case the price we discussed for her parcel might be worth is very reasonable being this neighborhood. Im looking for creative ways to offer what she wants for the home but could help her out as well as me. She owns the house out right and also could probably qualify for low income housing if she obviously didn't have the house. Any thoughts about this would be much obliged. Thanks