Hello, I thought this may be the best section within the forums to post this.

I'm located in Fresno/Clovis CA and I've been working on getting my first deal - whether it's a rental, fix/flip, wholesale, seller financed, etc. At the same time, I would like to assist a senior family member in getting them a place to stay with a payment no more than $1,000/m. If possible, I'd like to use this opportunity to secure a property/deal that would be a great (or break-even) investment and place for my family member to live in.

I've ran through the potential scenarios and strategies that I know of and can't seem to find something that works out without having to put down a very large down payment OR securing very favorable seller financing terms.

Options:

1) A mobile home - either a mobile home for <$70k to bring the payments below $1,000/m including the park rent. Seller financing would make this a better deal. Mobile homes just don't appreciate like homes and most parks have very unfavorable rules to prevent rentals.

2) A regular house - Preferably again through favorable seller financing terms since I can't do a large down through conventional mortgages. FHA is possible but I don't think I can live in the unit right now. With current home prices however, the total monthly property costs would be over $1,000/m, so I would need to either pay the rest out of pocket or Airbnb/rent out other rooms while my family member lives there.

3) An apartment/condo - HOA fees make this difficult just like with mobile homes, but same idea as mobile homes.

4) A nicer property that has a detached unit or extra guest suite built out - Family member would pay their payments for staying in the guest suite, and then the main unit would be used as a Airbnb/etc 100% of the time. This is going to be a $550k+ home from what I've seen, where seller financing terms would help out again. Not very many properties like this available right now.

5) Duplex/Triplex/4-Plex - I'd love to get into this with an FHA loan and I would consider staying in one unit, but prices are high and anything above a duplex doesn't seem to meet the FHA requirements for the rent rule with the current rates. A duplex may work only through good financing terms again so that the payments are low.

6) Renting an apartment - No ownership in this. Sounds like the easiest option.

Have I ran through all the feasible options correctly? Looking to see if there's anything else I can do. Whether I'm able to help my family or not, I am still eager to get my first property. Thank you.

Fresno, California

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