Purchasing current rental property

[Blake Schierbeek]

Hi all,

I'm new here and looking for advice. I currently live in a rental property that is owned by my parents and rented to me and a few friends. My friends are moving on and moving out so I want to purchase the home from them, move out, and rent the whole place out. It is a perfect rental location and could generate good cash flow for me. My parents have no interest in being landlords to strangers so to do it, I have to buy the house from them. I'm in the grand rapids, mi market and the home has appreciated since they bought it to the point I can't afford a conventional loan on the house. I considered a land contract but it's my understanding that the property must be owned outright to do that which it is not. I'm looking for any advice or insight on paths I could take to purchase the property. Thanks for your time

[Blake Schierbeek]

@Randy Charboneau thanks so much for the response. Those were some great ideas and thoughts. It definitely gave me a lot to think about and try to plan out the best course of action.