House with a Life Estate Tenant

A seller called me with a house that has a tenant with a life estate. The house is in California. I'd really appreciate some advice on how to go about dealing with the tenant. The only idea I can think of right now would be to offer the tenant some money to give up their life estate. The problem with that is the deal is a little thin and I wouldn't be able to offer her much more than $5000. She's only paying $500 a month in rent and this is a nice house in an A neighborhood. Any advice would be much appreciated.

Thanks,
Dustin



Edited 2 time(s). Last edit at 03/21/2012 06:19PM by Dusty - OC.