Options besides a conventional mortgage

[Matthew Meyer]

Hey there guys so I wanted to pick your brain for little bit. Very new here but, I found the bigger pockets podcast about a year ago. I had already face planted into real estate about five years before in 2013 when my father got sick and I moved home to Pennsylvania from Colorado. I decided to rent out my house in 2013 and move back east. It’s been working out pretty well( wasn’t a bad time to move back) and house has been rented out for five years consistently and turns a pretty good profit. I purchased the house back in 2008 for $245,000. It’s a single-family, 4b/3ba in Evergreen Colorado. I’ve got about 118,000$ left on a 30yr note @5.3%. My mortgage payment is 870$ and rent the place out for $2200 a month. Recently we decided to get my mother and father in to a smaller and easier living situation so we purchased a mobile home for $24,000 with the heloc that she has leaving the main house with $118,000$ interest only loan @ 5.3% at the moment. The loan is costing her about 600$ a month now. Her house is worth about 180,000$ I’m planning on renting the place out for about $1300 a month and I’m debating trying to figure out the best way to work it so that in the long run we can get my mother out of the loan she has and allow me to purchase my mothers house for the 118000$. At the moment I haven’t worked in a while while I took care of things so it’s difficult to secure a conventional loan but I’m interested in what other options you guys think I might have? Thanks