Then your promissory note for the 47,000 will be arguable if she chooses to dispute it. She is your wife and her name is XXXXX XXXXX house. She owes you no more than you owe her.
Your Father should get her share of his money, as long as there was an agreement to that effect. Hopefully, she will not oppose that. If she does, of course, then he will need to file a lawsuit.
As to renting instead of selling. You have a lot to consider. First of all, when will the market ever recover. Some experts are saying it will never be the same. Some give it 10 to 20 years.
So, if you can get over your purchase price, you might consider the sale as opposed to renting and having to deal with all of your tenants problems. Also, would be able to get rent for the amount to cover your mortgage in these economic times.
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