Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago, 04/25/2018
Best Way to Get Parents' Rental from Them
My parents own a rental property in Kenneth City (near St. Pete, FL) free and clear. My father is OVER the landlording game. As a matter of fact, my mom owned this property when they married almost 30 years ago so I'm not sure he was ever into it to begin with. They won't sell the property because of the taxes - he's still working and they're in a high tax bracket. The plan is to sell the property at some point to help fund their retirement. Since I'm developing a passion for real estate, I would like to find a way to "get" this property from them. I say "get" because I'm not sure if buying it from them makes sense or not. What's the best way for me to end up owning this home (other than trying to convince them to die owning it) with the least amount of tax burden on both sides?
Note that my parents are willing to partner with me on real estate deals. They see the value, they just don't want to be active. This is why I'm thinking we should work with what they already own, then work on new deals later.
Thanks!