[rbosque]

The property was actually given to my landlord by his friend who had no heirs. The house was a gift and has been a cash cow for them for the past 12 years I've been renting it. I did ask him to sell it to me not too long ago but he turned me down. They just sold two or three houses last year so it's not like they're hurting for money. Plus, the guy is 92! You'd think he wouldn't care but his wife is pretty tight with money, she just sees the house as a money machine and won't sell. Of course, I'm not sure what the kids would do.

[Attention Surplus Disorder]

So much the better. It will remain the money machine it is now for them should you construct a deal where they continue to receive payments over a long period of time. Without them having to pay the prop taxes nor do the mtce which, it sounds like they have an unpleasant appointment with in the future. See if you can develop a non-aggressive dialog with the heirs. You’re not necessarily looking to steal the place. But you can avoid conventional financing origination fees and they can avoid a fat RE commish if the fundamental interest is there. If they have cashed out of other properties, they already know there is a challenge to achieve yield on the proceeds.