Let 64 yr old Mom live rent free 10-15 Yrs then sell or sell now

[Terri Hightower]

I have inherited a basic brick ranch 3/ 1 1/2 home in Arkansas after long probate. It is paid for but needs work before my Mom could live there. More work after she moves in to upgrade to sell. Doing a cost benefit analysis as recomended  I simply don't see any financial benefit. I see money going out and no money coming in. There are tax deductions but not sure enough to fest or balance money going out. The only benefit is helping my Mom who is 65 until her health deteriorates to assisted living. Anyone with experience like this?

Terri

[Dan Brewer]

Terri, 

Its a difficult situation because of your mom being the potential tenant.  I suggest looking at the deal assuming your mom is not the tenant, and factoring the cost of her current situation.   I assume she is either living with you now, or is paying rent somewhere else, or is in a home that is essentially undesirable for her to continue to live in.   If she is living with you now, you have a potentially priceless benefit of your freedom.  If she is somewhere else paying rent, she could pay rent to you.  If she owns a home, you could sell that home and apply the proceeds at rental payment or cash payment to the home you acquired.   

You may also want to consider repairing the home, selling it, and then using the proceeds to help put mom up somewhere else.  Hope that helps.

Dan