We have a sibling who will always need some support, they are able to live alone with support. They get a housing voucher and we have been supplementing so they can be in an area that is close to most of what they do. They can not drive nor take public transport alone.
Over the years, all moderately priced apartments have been torn down and rebuilt into luxury apartments well above what we can pay. We found an AMAZING condo that we have been renting for 3 years. The owner is 89 and ready to retire (LOL he still teaches at the University) and wants to sell. He has offered us first crack so we do not have to move her again.
The condo building has been AMAZING for the situation and she has a routine that works well.
We want to buy, and the idea is to buy BUT we need to combine to make it work.
What are the pros and cons of buying with a sibling?
The voucher would cover 90% of the cost and we would pay the difference. We would sell and split the proceeds once the family member needs to move into fully supportive housing.
Partnering with a family member? No, no and no. What kind of voucher are we talking? Like a Section 8 voucher ? See if you can create a scenario where you can buy using the rental income from your sibling. Then you can figure out how to created a structured sale program (owner finance, lease purchase, lease option) if that is your ultimate goal.