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Updated over 3 years ago,
Renting to a Tenant on Disability in Virginia
Hi everyone! My husband and I are looking at purchasing a rental property, and we already have a specific tenant in mind for it. He has a minor mental disability and receives disability checks, which he would use to pay his rent. PRO'S and CON'S to renting to someone on disability?
Does anyone have any thoughts / advice about renting to a tenant that can live independently and mostly take care of himself, but maybe not the property due to his disability?
My first thought is that the rent should likely always be paid on time. I am also wondering if there are any tax breaks for something like this though.
DISCLAIMER: I am not discriminating against him / his source of funds. I'm just trying to determine if a) we want to purchase this property at all - and - b) if we want to approach this specific tenant directly versus listing it for rent publicly.