Re: How Can I Purchase Home Currently Held in Life Estate
You have to realize that Great Aunt still has a life estate in the property. Nobody can simply terminate that without some action.
as to your different actions to purchase the home; it really doesn't make any difference. Neither one will allow you to take possession right now. Whatever you and the remainedermen choose to do is what you do.
Personally, I would look to the outright purchase option. I see no reason to lease the premises unless you need to do that so you can finance the property, which is not likely to happen while there is an existing life estate.
I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.