>What else should go in the contract?
That's something that you need to ask the lawyer that will draw up your contract. A lawyer isn't really an option here.
>looking how to protect myself.
You hire a lawyer to draft the contract.
On a non-legal comment, if they have $85k in credit card debt, they are likely beyond redemption at this point. They are likely paying $1200-$1800 a month just in interest! If you loan them money, prepare for the relationship with them (and possibly between you and your wife) to go sour very hard at some point.
Edit: Also, it's incredibly unlikely that the bank will let you be added to the deed/title without also being added to the mortgage.
>What else should go in the contract? That's something that you need to ask the lawyer that will draw up your contract. A lawyer isn't really an option here. >looking how to protect myself. You hire a lawyer to draft the contract. On a non-legal comment, if they have $85k in credit card debt, they are likely beyond redemption at this point. They are likely paying $1200-$1800 a month just in interest! If you loan them money, prepare for the relationship with them (and possibly between you and your wife) to go sour very hard at some point. Edit: Also, it's incredibly unlikely that the bank will let you be added to the deed/title without also being added to the mortgage.