Account Closed It will only show on your credit report if the person who is holding the notes goes to a servicing company so it is recorded.

Just wondering how many folks would really use this that are like I said not really educated on how title and escrow works and I find East coast folks to be highly reliant on closing attornies and have very little knowledge of title and escrow functions..

Let's use that as an example. 20% down is $43,000 plus lender loan origination fees, closing costs etc is going to push you over $50,000 cash out of pocket.

Without having much info, I would need to know the financial situation of the 'close family' to determine a best approach.

While I am very knowledgeable about home construction and she is very knowledgeable about real estate sales, neither of us are knowledgeable about the investing side.

@Mohammed Islam, The claim of loss due to the tenant moving out for the sale COULD absolutely apply to the situation.

We weren't willing to take that risk.My wife operated our first home and after a few months we found a really solid knowledgeable manager who took over operations while still working closely with my wife. 

If the property is not cash flowing and is due to your mortgage carry, it will most likely require a cash buyer to work (or close to it). 

Hey Nithin, one of my client's closes today on a next gen home that they plan on renting out the separate unit.

.- Cities like Toronto will levy another tax (Vacant Home tax) equivalent to 1% of the current assessed value of the property if the property is not occupied (rented, owner-occupied, family occupied, all count as occupied)- Land Transfer Tax: while the Province of Ontario charges anywhere between 0.5 - 2% of Land Transfer Tax when your transaction closes, you should expect to pay this amount twice if the property is in the City of Toronto .