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Updated over 7 years ago,
Buying from a family member for the same family member
Good Morning BP community!
My mother, who lives in Powder Springs, Georgia in the Atlanta area is in need of a bit of help. She has a part time job and has struggled to get anything full time. She isn't in the best place financially and the house I grew up in, that she's owned for almost 30 years is almost upside down.
I can't just "give" my mom money all of the time, she won't accept it. But I am considering purchasing her house from her and then she can pay me what she can afford every month.
I have two questions.
1) Has anyone ever purchased a house and then rented to a family member, if so, has that experience been more positive or negative?
2) What are my options in terms of transferring the title / ownership of the property? I'm guessing it obviously wouldn't need to be listed on the mls...
Ultimately I'm hoping I don't have to buy her house but if this ends up being the best option do my mom has a place to live, I'm certainly going to seriously consider it.