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Updated almost 10 years ago on . Most recent reply

User Stats

360
Posts
354
Votes
Christian Hutchinson
  • Investor
  • Detroit, MI
354
Votes |
360
Posts

buying retirement property for parents

Christian Hutchinson
  • Investor
  • Detroit, MI
Posted

We are going to attempt to purchase a duplex/triplex/quad for my wife's retired parents(about 10 miles from us).  They currently own a home 300 miles away.  We are going this route so that way the property will have minimal cost or even cashflow on the monthly basis, while they travel to their various residences.

What loan options are available? Would this be considered an investment property? would we be required to put down 25% even though our parents occupy one of the units? could be "write-off" the lost rent while my in-laws occupy he unit(we dont charge them, but the home would be in my name)...all input is greatly appreciated,

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