Trust me, I've thought about all of this.  If I decide to do it, I'll
definitely have the details in writing and my name also on the deed.  My
other brother already owns a house (Dad's going to pay off his mortgage) so
he wouldn't want this one.  And Scott is building a new house on a golf
course; he wouldn't want this one back.

But the repairs, maintenance, etc., all these things are reasons I don't
want to be a homeowner.  As it stands now, I don't have to deal with any of
that stuff.  And the apartment management is *very* good about fixing and/or
replacing anything the moment something goes awry.

Jill

I agree with the other posters.  Sounds to me like the "costs",
financial and mental, could well exceed the benefit.  Purrs for a
resolution that's amenable to all.

I hope you're able to figure out a solution without causing a family split.
I hate to say it, but it sounds like he's trying to get control of your
life.  If he owns the house you live in, and your name isn't on the deed,
that could get really sticky.

Good luck!  I'm afraid you'll need it.
Joy

I had a similiar offer back in the mid-90s when I was in my early 40s.
My parents, who lived in IN, were interested in buying me a condo out
here in AZ.  They were actually only going to make a decent downpayment
and then I was going to pay the mortgage, I believe, and it would have
been in all or partly my name.  They were going to make the downpayment
enough so that I would be paying less than I was for rent.  In turn,
they would have somewhere to stay when they visited a couple weeks of
the year as they never wanted to stay in my one bdrm apartment so
always stayed in a hotel or with my cousin who lived quite a ways from
me.  I was semi-interested in the deal because I knew rent was a waste
of money but I wasn't too thrilled with the condo idea because I knew I
could have the same problems there that I often had in apartment
living: loud or annoying neighbors, lack of privacy, etc.  But, like I
said, I was sick of all my hard-earned money going for rent and getting
me nothing.

Just about the same time, I met Tony, and we had a whirlwind romance
and wanted to live together.  I had never lived with a guy because I
knew it would piss my parents off but, geez, I was in my 40s and I was
sick of always doing what mommy and daddy wanted.  So I threw away the
opportunity of getting a partly paid-for condo and Tony and I bought an
actual house together.  Yes, my parents were a little miffed and I
don't think most of their friends back in IN know about it to this day.
My dad has now died and I've been with Tony for 12 years.  Our house,
which only cost us $55,000 in 1994 is now worth about $300K, thanks to
the Phoenix real estate market, and our mortgage payment is only about
$600, which is what I was paying for a one bedroom apt. back in 1994.
I do prefer living in a house to an apartment even though repairs (it's
an old house) can be aggravating and expensive but, still, that equity
is all ours.

That's the main thing, rent is a waste of money even if you're happy
there.  I liked my apartment, too, but didn't realize I would like a
house more until I had one.  It sounds as though your dad is doing
something for all the kids: you said he is paying the one brother's
mortgage off, buying you a house, and maybe he is giving the other bro
something for his new house.  In that case, I imagine he intends to
will you the house and the other 2 siblings shouldn't feel bad since
they're getting something, too.  Of course, it should all be in
writing, too, just in case someone feels slighted after the fact (as
often happens in families, sadly).

As for taxes and homeowners insurance, at least here in AZ, as long as
you have a mortgage those things are included in your payment (from
your escrow acct.).  I wouldn't think it would matter if the insurance
was in your dad's name, you could still collect on it, if necessary.
It would be best if your name could also be on the deed, though, too,
and you should convince him of the reasons why that's a good idea.

If you really want out of the deal, can't you bring your LLL into the
picture?  Say you're not necessarily planning to stay in the town
you're in, say you think sometimes of moving to where he is, or having
him move in with you.  That would have got my parents out of the mood
real quick and, in fact, it did!  Quite the deal-breaker.

But, I would consider the money wasted on rent.  When I thought about
that, it made me sick.  I lived in the same complex for 14 years, in 2
different units, and I know my rent more than paid for one of them.
Now my mortgage money is working for me.

Candace

I was truly shocked when I was dealing with my parent's affairs.  They moved
into an independent living facility.  Their homeowners came due and we were
straightening things out to put it on the market.  If the house was not
owner occupied, the premium about doubled.  If it wasn't occupied at all, it
nearly tripled.

Some here, maybe you Jill know a lot more about insurance than I do.
Accountant's are only responsible for seeing if their audit clients have
enough insurance.  But I have never really understood what goes into
property insurance premiums.
Jo