A client informed me that her Mom wants to sell her house and move closer to her. But she doesn't want to buy a house, she wants to rent, but not a townhome. My client asked about buying her a home and renting it to her and asked what the +/- 's are. Although this is not a new thing happening, it is one that takes great thought on the "buyers" side. first, you need to pick a home that will fill the need. Next, can it be purchased so that the rent will cover most or all of the costs involved. You also need to look at maintenence. Will you be fixing all the time or do you buy a home that is newer. The biggest may be how demanding is the mom or other "relative" or whom ever, that will be renting. This could put a great strain on the relationship. It is a good idea, but, check with legal counsel, for state to state laws, and get good tax advice. GOOD LUCK to all who try!
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