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Updated over 8 years ago,
Advice with rental home
Hi I am new here and I'm not sure if this is the right place or not. I live in Michigan. So my mom wants to Downsize to a condo. Her current home she is in is worth about 230k and she owes 150k on it. Taxes are about 8k a year and her payment is around 1400 per month. She is just getting out of the 7 year bk situation as well.
So here is what I was thinking. She can refi her current home and get s lower monthly payment the. Rent this home out for around 16-1800. Then I could find her a condo and buy it and have her rent from me. This is nothing I'm trying to make cash flow on but more of a long term investment.
No there a few options that could happen. Should I buy her current house as well and rent that out as well as the new condo ? She doesn't want to deal with renting of the house. She just wants a co do and a reasonable payment. So I would be managing the rental anyways.
I'm just looking for advice what would be best for both of us in the long run. Also what would be best for taxes in the long run.
Thanks
Chris