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Updated about 8 years ago,

User Stats

3
Posts
1
Votes
Ken Rich
  • Woodstock, GA
1
Votes |
3
Posts

Elder person has become sick what should happen to rental house

Ken Rich
  • Woodstock, GA
Posted

I am trying to figure out what to do with a property and hoping someone has some advice. My mother owns a multi-family unit in CT (4 apartments). The property was purchased back in the late 60s and is paid off except for a loan for 30k used to do some repairs. I have no idea what the sale price was. But the current estimate is around 250-300K. She has lived in one of the units for over 25 years. She recently has become sick and was moved to rehab and assume a nursing home will come after that. She is currently 81 years old. The home is currently in a Trust. I live in GA so would not be able to manage it. I guess my question is if she will not be able to move back to it what would be the best thing to do with it? And how much of the selling price would be eaten up on taxes.Write your post

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