Renting Home to Family

[David Walker]

Hello all I have a question on renting out my current property that I have been living in for eight years. My father n law is getting older and needs help with his health as he lives alone. My wife and I where thinking of rent our current home to my father and little brother who are punctual when it come to their finances. We where going to temporarily move in with my father n law and save for another property for investing etc while taking care of him. I would like some input or suggestions on this.

Thank you

[Nathan Gesner]

I'm with @Jenni Utz. Be very careful when mixing family and business. If something goes bad, you'll lose the income and possibly the relationship. I have two brothers I would rent to in a heartbeat. I have a sister that I would be very hesitant to deal with. My wife has two siblings that are trust-worthy and two that are not. Only you can know the answer, but I do recommend you treat it like business with a written agreement, consequences for violations, etc.