New member looking in Oakland County, MI

[Andy Lange]

Hey BP fam! I'm new to BP and investing in general, but I'm eager and excited to get started building towards financial freedom that will allow me to retire early.  I happily rent in my desired neighborhood in Los Angeles and mix sound for TV and film, so for now at least to start I'm looking to invest out of state in Oakland County, MI and someday Grand Rapids.  I'm originally from East Grand Rapids and have a ton of family, friends and the beginning of a great team in Oakland County. 

My other reason for choosing this area is I'd like to mainly help out my mom who lives in Troy. She's pays way too much in rent, so I'm hoping to drastically lower her cost of living by getting her into a 100-150k house asap.  She's about 5 years away from retirement, and by the time she retires or soon after I'd love to get her into a condo, renting out the first home once she moves. So this is unique in that I obviously wouldn't be charging her market rent, she would ideally simply cover the monthly mortage, property tax, insurance and I'd help with any repairs.  I'm also thinking long term to make sure the numbers and location are great, so when she moves out I can get great cash flow with a new tenant.

With the capital I've saved, I'm also looking at duplexes or another SF for a no-moms-involved buy and hold that I can purchase soon after the first property. I'm confident with my network of people there that I will be able to make this work from out of state.

I'm still working out the best way to do everything as far as if my mom and I should co-borrow, or if she can qualify on her own should I just gift her the down payment, what the tax implications are for both ways, should i have her sign a lease etc.  Any guidance or advice would be greatly appreciated!

I'm very grateful for BP and everything it's provided so far! Looking forward to continuing my education and hopefully making some great long lasting contacts here. Thanks,
-Andy