How to buy my 2nd home for MOM

[Gerald Evans]

I am a Realtor. My mother wants to relocate from out of state to where I am in Georgia. She is on a fixed income but wants her own place when she relocates. She wants me to purchase an investment home, preferably move in ready, for her to live in and she will be my tenant for the 1st year, maybe longer. She wants to relocate within the 1st 2 months of 2020. It sounds good but how do I go about securing this 2nd home? Capital is tight and the only options I have encountered are a HELOC or a hard money loan. She does not have any capital to contribute minus the monthly rent. I can tell she prefers a condo where she is around other people with concierge services and such. In most cases, HOA's knock me way out of my price point. I have looked at hundreds of deals on and off the market. Still searching.

Should I do a HELOC? Any other options to consider that I may have overlooked?