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Rent to own home? Good, bad, ugly?
The wife has a former co-worker who is very interested in our old house. They want to rent to own with a $10,000 down payment, and they would take care of all upkeep except for home insurance related issues. The husband is an out of work carpenter and as part of the deal, he will trade labor to build our guest house. Not sure about this yet, but might as well get some opinions.
The are short selling their current house (more expensive home than our house and they are upside down) and will probably not be in a good positon to get mortage fianancing anytime soon. This stirs my spidey sense. Would they be responsible to our contract? If not, I don't want to go through the legal mess to termiante and evict.
What could go wrong? Any successful RTO experiences here, as renter and rentee?
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