Using parents property without purchasing from them?

[Tyler Kurtz]

I recently began mapping out my real estate plan, when an interesting opportunity arose. I’ve never heard of this, so I wanted to get some feedback.

My parents will be moving out of their home in around 2 years. The property is in a good part of town, with homes around it selling for nearly $300k. The home will need some rehab, but they’ve told me that, as long as if I pay the mortgage, I can do whatever I want with it. That means that I don’t have to purchase it from them, just pay their monthly payment.

Am I allowed to rent it out after rehab? What are the legalities, or otherwise constricting factors I should be aware of?