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Updated about 1 year ago, 11/09/2023
How to buy a property with my parents money
My parents are selling a second home they own and seeing what I am doing in Real Estate they want to loan me some money to buy a rental property so that they can eventually leave it to me and my 2 siblings. They trust me to do the right thing and have suggested they just loan me the money at 0% interest but I cannot figure out the best way for me to acquire the property, manage it and eventually transfer ownership to my 2 siblings once my parents pass. I have told my parents that I would manage the property and take a 5% cut of the rent to do so. The property would be bought and owned by an LLC that I would be the sole member of for now. Maybe I am over thinking this but I cannot seem to grasp how best to accomplish the goal my parents have while also making sure that I am compensated for my time. Any thoughts on how best to set this deal up from the get go?