Eldon: Would you and your wife borrow/spend the same amount of money to go out and buy other land??? I think not. So the emotional issue becomes because it has been in their family for a long time.
Here is the real issue/gamble:
1) The relationship between your wife and her siblings. They will care down the road. You can make book on it. So it is a very poor gamble that they will be happy with what happens. Truthfully it should be all of the kids or none of them doing this "buy out".
2) Are you really thinking your going to get the land for 1/3 to 1/2 its actual value. Deep down is this a major motivation to do the deal??? IF it is then it is GREED driving this not a good deed for your in-laws. Nothing wrong with a profit or good deal on something but it is going to be at your wife's family's expense. The odds are it will make for hard feelings.
3) The gamble is going to be IF your in-laws stay in good health for 5 years. IF they do your going to get a deal for 1/3 to 1/2 its value but if they do go into a home YOUR going to have to Pay the full market price for the land/house. IF you think paying the low price is going to stretch you wait until you have to pay the balance. You have stated that your Father-in-law is a poor money manager. Do really think he is going to all of a sudden switch at his age???
The fact you are living many miles away would make it a no go for me. Being an absentee landlord is not good business. It rarely works out.
I think your going to make a bad mess even worse. Possibly causing you financial problems for land you really will not get much good out of.
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