My Mother's house need a major overhaul -- but I'm afraid to sink $45k into it to just have Medicaid take over her house once she needs help
House is only worth $35K. It needs $40k of work to make it worth $50K. It's falling in around her. I want to help. Can I buy her house for $25K, sink $45K into it for repairs, have her gift the $25 back to me and my wife and then spend $45 on the house with the option to live there as long a she can? She would have a much better house with lower utilities. We would have the assurance that we wouldn't loose our initial investment. I'm not trying to make money, but I don't want to lose much.