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Updated about 5 years ago,
Buying investment property out-of-state for college housing
I currently live in Washington State, but am originally from Indianapolis and am thinking of purchasing a small house there that my son can live in while he attends college. He will be paying partial “rent” to live there but I’m not considering the house a rental property at this time, I will be paying more than half the mortgage on the property.
Are there any hidden legalities I’m not thinking of here, or better ways to do this?
I realize this won’t fall into the “vacation home” category, nor do I want the house considered a rental property so I just want to be sure I’m not missing another way of structuring the scenario.
I own my current home in Washington, have stellar credit and travel to Indiana 2-3 times a year to visit family.
Open to ideas, thanks!