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Updated about 5 years ago on . Most recent reply

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Craig Thurman
  • Investor
  • Troutdale, OR
0
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Manage a rental for my Mother?

Craig Thurman
  • Investor
  • Troutdale, OR
Posted

My Mom has a single family rental property where we both live in Oregon and I would like to help save  her some money, starting this year, by managing her rental when I take over management of the 3 rentals my wife and I have. I am unsure if that is possible at all or if it depends on circumstances such as if I am compensated or if I have any ownership stake. I don't have ownership stake and I am happy to do it for little or no compensation. 

I am hoping for concrete answers if anyone has them. 

Thank you to anyone that takes the time to reply.

Most Popular Reply

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Frank Chin
  • Investor
  • Bayside, NY
1,376
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Frank Chin
  • Investor
  • Bayside, NY
Replied
Originally posted by @Nicole Heasley Beitenman:

My father manages my rentals without a license. I pay him 10%. I report my expenses and he reports his income on taxes. If it's illegal, no one has told us yet. He does not manage rentals for anyone else, and the properties are in my name without an LLC. I'm in Ohio.

 Depends on how you do it. I have a friend who's a realtor and uses a friend who manages his property. Manage Is a very vague and abused term, so he issues the payments calling it "janitorial services". Both payer and payee records the income and expense, and no license is required to be a janitor in this case, or as a messenger in my CPA's case.

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