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Can my retired parents move out of their home, and then rent it to me? : RealEstate

Can my retired parents move out of their home, and then rent it to me? : RealEstate


[MN] My parents have a paid off home, in a great area. They want to move into a senior living property. I plan on buying their home. They have moved up their time table, and I am not able to make a purchase work, financially, right now. My mother is throwing around the idea of me moving in and paying them rent. They want to help me out financially but are aware they have to charge “Fair market” rent. Is there a way I can pay the rent, but have that money essentially go into an account to save up for the eventual down payment? What are the legal ways to do something like this? Thanks in advance! EDIT: Also looking for best practices, things to be aware of legality wise with this situation.



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