Life Tenant in New York

Hello, my husband and I want to buy a condo for my aging mother-in-law to live in close to us in New York. It is not part of her estate, is will be a new purchase financed by us. Can we still put her on the deed as a life tenant, in order to have the property qualify for "owner occupied" and receive the STAR tax deduction? If we all agree to move her elsewhere at some point, can we sell or rent the place even though she is still alive, since she is the life tenant and she agrees?