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How to allow previous distressed homeowner to rent/stay after purchase

My husband and I would like to purchase a land parcel(can be 2-3 bldg lots) with current owner living in a 700 sq ft shack on it. We have a couple of years of land clearing, etc before can re-sell and would like a legal and safe way to allow owner to stay for free or $100 per month, etc. The house in barely habitable and likely has mold, rodents, lead paint, and failed septic issues. Is there a written agreement that we can sign to allow owner (single, 60 yo female) to stay without running risk of having to make it habitable after we take ownership and essentially become their landlord. We don't care about damages to the is a wreck and we will likey level it as part of eventual sale.

This is a nice lady and the town or other buyer wouldn't likely be this flexible after purchase. I would hate to kick her off the property...there has got to be a way to allow her to stay with contingencies...please help. We will of course have landowner's insurance for accidents that happen on the property with guests, etc. Are we crazy for trying to do this from a liability perspective?

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Yes, there certainly are ways to structure the sale so that you have the right to develop the property while she retains ownership or use of her home.  However, as I'm sure you know, there is no way I can tell you how to do that in this forum.  You need to contact a local real estate lawyer and have her come up with a plan that will allow you to move forward without becoming a landlord.  Good luck.

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