All Forum Posts by: Anthony Pitruzzello

My daughter and I are considering buying some property together somewhere between Spokane and Medical Lake.  My part of the purchase would be cash.  Her part would be a mortgage.  Is it possible for us to both be on the title with only my daughter on the loan?

Please note in my question: "and an apartment over a large garage/workshop in a separate building (for me)."  My daughter and grandkids would get the house.  I would take the apartment over the garage.

I am considering buying a property in Spokane that includes two separate housing units.  One I would keep as my residence.  One I would rent to my daughter.  Are there any tax advantages or disadvantages to my being both a resident and a landlord?  

I own a townhouse in Spokane. (Own=No Mortgage) My adult daughter wants to buy a home. I could help her get her own place. However, she would like for us (my daughter, myself and the grandkids) to live close together. We found a property that includes a house (for my daughter and the grandkids) and an apartment over a large garage/workshop in a separate building (for me). It occurred to me that rather than have my daughter and I each co-sign a mortgage, it might make more sense for me to buy the property and rent to my daughter. I would put the house in a trust with my daughter as executor. I would retain control during my lifetime, then the property would go to my daughter. Actually, even the rent she would pay would be essentially a forced saving that would eventually come back to her. I was wondering whether there might be any tax advantages or disadvantages to my owning the property as both a resident and a landlord. Also, I have undefined misgivings about two people co-signing a mortgage. I know nothing about real estate investment or property tax law. I’m just trying to figure out where to start in terms of figuring out what makes sense.