Not only I have I bought, but many of my best clients are contently asking for the next best deal to add to their portfolios. It's a great time to buy!!
I am not an attorney or tax professional, but did recently personally deal with the exact same situation. Your boss should sign deed over to you in a living trust. If he dies within the next five years you would still be responsible for the tax. If he dies after the five years you would own the home scot free. At least that's what I have learned from my experience.Hope this helps some, but your attorney should be able to help you more.