Buying grandparents rental but we have a problem

[Daniel Taylor]

Hello BP. I'm looking to purchase my grandparent's condo for a rental It's in a decent area and has currently been rented by the same tenant for the past 3 years at $625 a month. My grandparents are in their 70's and don't want to deal with the rental anymore. However the complex no longer allows rentals. My grandparents can because they were grandfathered in because they purchased the property about 30 years ago. Is there a way around this rule if I leave them as a partner on the lease? I do not plan to live in the property. Thanks any advise is appreciated.

[Matthew Herrington]

It might be possible to have your grandparents do a cash out refinance and add you to the title. My parents did this for me when I purchased my Father's duplex in 2005. The cash went to my parents and the loan is in my name. We are both on title. Have a lawyer check to see that this does not violate the condo rules and/or what percentage of ownership might need to be retained. Yes it would seem that your Grandparents would still have to sign any written lease and you would fill the role of property manager to keep your Grandparents out of any tenant drama.