What is best structure for buying and managing property for parents?

[Arjun K.]

I would like to buy 1-3 rental properties for my parents, with their funds. As their money will ultimately come to me, this is sort of like managing my own money.

However, my parents are fairly disorganized. While i am confident I can get them to close a transaction, i'm less confident on their ability to pay day-to-day expenseas as I request them.

So I am wondering what the best way to manage the property will be. I am thinking of possibly, having everything go through me. Tenants will pay their rent to me. I will pay expenses. I will remit to them profits, and they will remit to me expenses.

But I'm now shore of the aforegoing will work for them (or me) for tax purposes. I don't see why it wouldn't work, but I'm not sure.

The alternative is for them to add me to their credit cards, and for them to open up a bank account jointly with me. That way, everything paid comes out of that bank account.. and all profits are on that bank account. they include me on the account so its easy to make deposits, withdrawals, and pay credit cards. But I'm not sure how this complicates things as well.

Any suggestions?