Advice for removing my name from home loan.

[Alex Cordero]

I purchased a property in Las Vegas, right before the crash. I just recently have broken even, but if i were to sell I believe w/ all the fees, I would still technically be at a loss. Both of my parents co-signed on this home. I was hoping I could refinance, and keep my parents on the loan (but they do not make enough to make that happen). They rent in NYC. What are my options? Below are a few I have thought of, not sure if they will work. 

* Can I rent out my home, for a period, long enough to where that would offset a percentage of $$ towards my current mortgage? Freeing up some of my income to qualify for a secondary home?

* I do have 20k I'm willing to put as a down payment on a second property, first home is an FHA loan.

* I've been told I would need to qualify for both payments, regardless if I do or don't rent out my primary home. My take home is about $4800/month, current mortgage is $1060/month.

Any advice would be greatly appreciated. 

[Louis Davis]

@Alex Cordero

Being an investor, I would think about doing a lease with an option to purchase on the property. That way, the person that moves in can bring down the balance on your loan, and sometime in the future get finance for the property and cash you out. This is what I do with home owners in Las Vegas that are looking to sell but the numbers aren't right for an all cash deal. Best thing about that option is that generally the tenant/buyer can put down a large down payment and they will take care of the property just like they are a homeowner. So it removes you from being a landlord.  Hope this helps. 

Louis