Agreed to sell our old (wife's childhood) home to our son and daughter-in-law, after 2 years of slowly getting house emptied. We agreed to substantially repair, remodel and upgrade it prior to closing, to the tune of $70k plus. The costs consisted of a $50k loan and credit cards. We allowed them to move in to the house early to save their rent money for the down payment half way through the remodeling. The bank my son worked with kept delaying the closing, then my son lost his job. As we took out a loan to do the upgrades, I needed to start having them pay rent to keep from going broke prior to selling. Son still doesn't have a job and still renting until they can complete the purchase someday, hopefully, soon. Although they moved into the home in June, I didn't start getting any 'rental' money from them until October. We had already purchased another home 2 years ago, prior to starting this process of selling our old home and I have no doubt that my son and his wife will eventually actually purchase the home.
How best do I deal with the expenses of repair and remodel, as both were substantial?
