🏠 BRRR & Renting to my Mother

[Melissa M Paul]

Hi there everyone,

Really just wanting to gain more perspective on a living situation. The landlord of the home I have lived in since I was a child is now wanting to sell the home to my mother. The situation here is that one, I do not believe my mother will qualify for a traditional FHA or Conventional loan as her DTI is too high and two if I were to join her on a loan, I would not be able to purchase my own home for some time. I am okay with the latter option, but it will make living situations very difficult for me.

With that being said, I thought it would be best to purchase the home under an LLC and rent to my mother and other tenants.

Here are the questions I have:

1. Can I rent to a relative? As she will still need a place to live and will continue getting mail at the property.

2. When going to refinance out of the HML are there FL serviced cash-out refinance companies that you have heard about?

3. When going to refinance, would I have to transfer the property into our names and out of the LLC and then back into the LLC after refinancing is completed?

Thank you so much!!