Renting Out Our Family Home

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Hey all, 

My mother had just let me know yesterday that she was wanting to sell the home I and siblings grew up in. She's an empty nester and doesn't need all the space and wants to downsize. I feel like this is a great opportunity for me to keep it in the family and buy it from her. Wanting to become a real estate investor, I would rent out the home. 

Currently, I'm in a tough spot since I am going through a divorce and my credit has taken a hit. Also, I started my job in January and I get paid commission, so for me to get a conventional or FHA loan, I would need to wait 2 years from my start date.

Do any of you have recommendations as to how I can buy the home from her and then rent it out? I would hate to see it go as it is a turnkey property, with some new appliances and newer renovations. TIA! 

[Maksu Ize]

If shes looking to move out and rent:

Tell her your going to buy the home from her at current market value. In two years you will actually buy it from her.

In the mean time, she can rent it out, and probably find another property smaller in size thats cheaper to rent.

You can even offer her to pay her current mortgage plus all costs, and you will deal with the new tenants, etc. Once the tenants move in, you can tell her you will pay her the remainder of the income.

Just as some ideas. It all comes down to her preference for her future