College Condo purchase
Ok BP geniuses, in need of some help here. This may take a little to explain clearly but here goes. My daughter will be a senior in high school next year. She is set on attending Auburn and there is a great shortage of university housing for the amount of incoming freshmen. We have recently been discussing purchasing a condo in the area. I am working with a local realtor in the area that is also a personal friend. So no issues with him or his advice. What I am trying to figure out is the best way to go about purchasing the condo. I have about 145K liquidity and could also use some from a possible 1031 exchange of a current rental property I own. I would rather not use all my liquid funds but also have to pull out around $1200-$1600/ month in expenses as they will be my daughter's portion. I am just trying to figure out a way to get in the condo without having to use so much of my own money, but also not taking a bath on the expenses due to some coming out of my own pocket. I am not very savvy on the investing end as I only have one property to speak of. Any help or advice would be greatly appreciated. Thanks in advance!