All Forum Posts by: Chaliyah Penick

 Exactly what Chris suggests - buy the house from them and rent it back to them. If there's any equity there and they can't pay the mortgage they are going to eventually lose the house anyway. 

You have to take your pick between charity and business. Buying this house will only make sense if you're getting something of value in return as far as a business deal. If you want to run a charity for your relative, then you could just help them with the mortgage, or buy the house from them for a great rate and let them live there cheaply. None of which I would recommend. 

How close is the relative anyway? It's usually a very bad idea to go into business with friends or family. 

Is there equity in the property? If so they can look into a reverse mortgage. That is the best option if you are truly trying to help a family member.

you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.

The other way is for you to buy it from them at market rate, then rent it back to them at market rate. That way you control it, they may get some $ from the sale to pay you rent and you own and control the property

I use a mix of RentRedi and iGMS for my property management software. As Allen mentioned, you need a STR PMS for many of the functions needed to manage MTRs. Depending on how the tenant lead came in, I use RentRedi for the background checks, application, and collecting rent. If the booking is through an OTA it goes directly to iGMS. There's not a one stop shop for MTRs yet but I recently switched over to using both systems instead of using 3 or more. Once an applicant becomes a guest, my VA manually enters the booking into iGMS and all tenant communication continues there. iGMS has great automatic messaging and other features that Hospitable doesn't have and better direct booking features.