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My tenant wants to buy my two family home. I am widowed two years and tenant offered me to stay in my apartment.

She suggested that thru an LLC she would buy her apartment by a contract where she gives me money to pay off my mortgage and still maintain part ownership in the home by me being part of the Llc with her as a partner.and thus share expenses, I.e. taxes, insurance, etc.

It sounds doable and I wouldn't have to make a decision to move and I would be out from under my mortgage.

Any suggestions?

Ann M

Ann M
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    If you do this, be certain you get a lawyer to review everything. Lots of ways to get screwed. – ceejayoz May 21 '16 at 00:58
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    It sounds like the better answer would be to turn the building into a condominium, out to have her buy it and rent to you rather than vice versa... either of which would be much more "standard" transactions and thus less error-prone. – keshlam May 21 '16 at 01:07

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This sounds like you are losing all your options!

You are not getting out from under your mortgage and you are losing the option to move or sell or get rid of your renter.

I would discourage any kind of joint ownership unless there is something else going on here. Too much risk, especially considering your situation!

jkuz
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This is a scam.

If an LLC buys your property, and doesn't pay the money immediately, and then the LLC goes bankrupt, your house is gone and you won't see a penny. Which is most likely the intention.

In general, if someone offers you a complicated solution to a financial problem, so complicated that you don't understand it, then in general it is so complicated because they try to hide how that complicated solution will damage you.

gnasher729
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