Mixing Business and Pleasure, Making Deals with Family/Friends

[Joe Fox]

Hey everyone, I'm new to the community and looking forward to becoming more involved!!

I've been reading "45 Day Investor" by Kevin Amolsch and I'm interested in the Rent to Own options discussed in the book.

I have a property on the same block as my current (live-in) home for rent. I also have a friend who wants to move into the same community as me. She has a husband and 6 year old daughter. I'm curious if I can make the rent to own option a win-win for both of us if I can work out a 5 year lease with option to buy on this property. I want to be able to make a profit, but I also want to help her out. 

My line of thinking is this...I can lease this property and possibly make some minor improvements to increase the value while she rents. 

She's inherited some money through a life insurance policy from the death of a close relative, so she has substantial money for a down payment. The catch is that she won't qualify for a conventional loan since her husband has little/poor credit.

Have any of you helped family or friends in a similar situation?

I haven't done any previous deals and am at the beginning of my education and experience. Any help is appreciated.