Hancock Park 5 bedroom house for 899k

This just came on market and I am including the marketing text: "Owner shall have a life estate in the real property, remain in the property at no cost to himself or his estate for the remainder of his life. Any and all real property taxes, homeowners insurance shall be paid by buyer(s). He currently stays in a small room downstairs next to the kitchen. All other rooms are being rented out by tenants. This is a great opportunity."

This reminds me of a story I once heard on "this american life" where a woman bought a house in New York (where buying into the market is even harder than in LA), and it came with the previous owner. It did work out for her, and they considered the previous owner a member of their family and he lived for many more years with them. Her only complaint was the house was small and cramped. This home is quite large with 5 bedrooms, 4 bath, 3390 square feet on an 8180 square foot parcel. Should be big enough for everyone to spread out. Only $899,000 considering most homes in the area are above one million.