Quote from @Devin Peterson: Quote from @Kieran Dowling: Hello,My parents helped me by my first rental property .

They have close family in the area they invest, perhaps even living in the investment property itself like their child who is a college student and rents other rooms in the house to friends, or their sibling or parent.

Here is a comprehensive guide to help out-of-town parents navigate the process effectively.1.

As first-time landlords, we considered self-management, but as new parents who work full-time, we decided that hiring a property manager would be the best option for long-term rentals.3.

Becoming a LandlordYour house appreciating at 5% annually = $25K/year.Your parents' larger house = $30K/year.Financing the PlanTake out a mortgage on your house to buy your parents' house.If their mortgage rate is lower than today’s rates (6.75%), keep their mortgage and assume it.Why It WorksYour tenants pay the mortgage—not you.Each monthly payment includes ~$300 toward the principal.

If someone made $50K assigning my elderly parents or grandparents home to an investor in a subject-to deal, and that investor ruined their credit by not making payments, I would do everything in my power to go after that investor, AND the wholesaler, and I would make both their lives a living hell to the best of my abilities.

Even though they don't need major projects or much maintenance, now that we're parents and don't live there, it's still annoying when things come up. 

Thankfully I am currently breaking even on the mortgage with both units rented and we just moved into my girlfriend's parents’ lake house rent free.

I dont care if the tenant is paying themselves, the government, the tenants parents, etc.

-22 years old-$50,000 pre tax income from business this year-80k in savings-30k in investments-pre approved for $350,000 (had to use parents as co-signers because I started business 2 years ago and didn’t make much first year)Looking to get into first house by house hacking a 4 bed 2 bath renting out 3 rooms.