<prompt> Human: My dad is tired of living with roommates after his divorce, his ex wife wants to get her name off of the house and he doesnt want her to get any profit from selling the house. He says he wants to give half of the profit from selling the house to my husband and I. Im not sure yet what the house is worth, or if it would even appreciate over the course of a year, or however long we decided to hold onto it. I realize there are many many things that could go wrong here, which is why I was wondering if my husband and I could draw up a contract with an attorney, stating we will hold on to the house for x amount of time then put it on the market and that we would receive half of the profit whenif the house sold. Another requirement would be that my dad get life insurance in which we are the beneficiaries. Im not trying to be morbid, but if he passes away while we were attached to the house we would barely be able to afford it. There are other things we would add to the contract as well. My question is, could a contract keep my husband and I safe from my dad changing his mind on our agreement, or should I just say no?  <response>: Yea, what other commenters said..First rule of finance is never cosign anything with anyone 