I have the opportunity to take over a residential property in the Orange County, CA area as a property transfer from my father-in-law using a quick claim deed. The plan would be to sell our existing home in the San Diego area and then move into this property which has in effect been a rental property since it was built in the late 1970's when he purchased it. This offer has been on the table since my wife and I married 20 years ago but have never thought about it since we never needed to. As I near retirement and my in-laws are getting older, we are thinking of now taking advantage of this opportunity to be closer to them. Due to school issues with my daughter, this summer would be the best time to do it or we would wait for another 4 years when my daughter graduates high school. I can transfer my job to an office in the area and my income would stay the same. I have seen the house a few times and been inside once. It definitely needs a major remodel to bring it out of the 1970's. It's in a fairly safe neighborhood and only a few blocks from my in-laws. Anyway, before my wife and I decide if it will be a smart financial decision, we are trying to come up with questions we need answered before we make a decision as well as come up with a pro and con list. I am trying to come up with a list of questions we should ask before we make a final decision.
Here is what I have come up with so far: I know there is still a balance on the loan as my father in law has taken out at least one equity loan over the years (I don't know what the balance is), by using the quit claim method, does the loan transfer to me using the current lender or do I need to find a new lender?, based on Zillow results, the property taxes are much lower than my current house due to Proposition 13 (will I need to have the taxable value reassesed if I take over the property?), the utilities are slightly lower than my current housing costs which is good, I currently have no commute since I in essence work from home and am provided a company vehicle. If we move to OC, that perk will no longer be available and will have a 20-30 minute commute.
I don't want to put myself into a financial nightmare that prevents me from my goal of retirement in the next few years and want to ensure I have all of the bases covered.
What advice can you in the MMM community, that may have dealt with this issue provide?