Should I convince my parents to get a HELOC

[Will Gile]

Hey BP community. I own two 1br rentals and have had great success the past 3 years with them. I'm still renting a room as a primary residence but really, with all my heart, want to house hack. I'm on a teacher's salary and have a little bit of debt. I've been pondering asking my parents to get a HELOC on their home but I would responsible for the payments. The amount would be 50k and I could use 30k to house hack , and the rest as a cushion to make the heloc payments. They have about 200k equity in their home. Thoughtson doing this?

[Andrew M.]

That scenario sounds like putting your relationship with your parents on the same playing field as a bunch of hidden land mines. Too many ways that can play out negatively. Save $30K with the same level of determination that you used to buy the other units and proceed forward with your own resources.