Landlord needs gas money from tenant?

[Greg Stetz]

My landlord has been great. She is definitely at a stage where she should probably liquidate and relax. She has had health issues in the past as with her daughter and this caused a financial storm for her I believe. She has 3-4 properties in town and all were paid for cash back in 2003 or so. I’ve been her tenant for years. We have a great relationship. I noticed lately that there are tax liens on the property and she has recently lost long time tenants in another one of her rentals nearby. I asked her if I can list it and she agreed but she has a ton of maintenance to do on it and she insists on doing it all herself.. she’s a tough one. She gets mail and contact from investors etc on the property I am renting of course but her and I have had an open conversation about the situation and she has said many times that she would only sell to me. I dont have alot of cash to put down at the moment but I’d be a first time home buyer, I can be the Realtor, she owns it free and clear, she wouldn’t have to make repairs as I would buy as is (with many concessions on her part due to some issues and deferred maintenance) and she would have her taxes paid up. This home I rent from her is in a great neighborhood near an A school thats appreciating all the time. It’s definitely the ugliest house on the block but could be worth $220k if it was market ready. I think I could get it for $150-$170k based on the situation. I dont have alot of cash to put down and I’d like to know if there might be a way to get my monthly payment down to around what I pay in rent to her. Maybe owner financing? 

[Karen O.]

Make sure to consider all the costs of owning (mtge, insurance, taxes, plus heat, water and trash) + any deferred maintenance items.  Also, could you househack or Airbnb to get some additional cash flow to help lighten the load?. But it sounds like a great idea.  You can't know if you don't ask. Best of luck.