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Updated almost 3 years ago,
Grandma’s house - seeking advice
Hi folks - newer to BP but a young striving REI, I'm looking into an option for capital to start my REI journey.
bottom line: grandma moved into senior facility. My dad and his brother are looking to sell her home.
situation: I’d (grandson) like to propose to my dad and uncle that I would handle the RE sale of her house, and would provide me approximately 400k (current valuation) to deploy in an REI manner.
My thought process: sell her house, and purchase 8-10 turnkey SFH, or 1 commercial MF property to cash flow, and provide the majority of said cash flow back to grandmother, and I keep say 25% to continue to grow the REI business.
Questions:
- can I 1031 her property in any way?
- is there any better way to do what I’m proposing?
I feel like this is a prime opportunity for me to get assets I need to get my feet wet, and I don’t want to screw over grandma so giving her some cash flow for the next few years (before she perishes) would be right by her and help me get what I want in life.