My family and I (5 Heirs) inherited a property in NY that was appraised in 2014 at $2.4M and only has a $106K mortgage, (equity = $2M+) which is up to date. 4 of the heirs, including myself, live in the property as well as my mother.

My husband myself recently were inherited with his mother’s home after she passed away.

My aging mother was not initially part of our plan but we decided to move her with us and take care of her. 

Calling it a leak is a bit of a misnomer, since the walls and floor can't hold back Mother Nature. 

hello everyone, I was talking to my god mother Saturday at my moms birthday party and we started talking about properties.

Treat this tenant how you would want your mother to be treated were she renting this place. 

My mother was a real estate agent up in our area for 30+ years with her last 7 years doing new construction before she retired. 

I worry about how a potential bad deal could effect our relationship considering we will also be in close living quarters with them (which can potentially get sticky) and I know what can happen when the in-laws clash (my mother lived with my wife and I for a little bit and that was a complete disaster).

Dave and Joel, thank you for those ideas, I would ideally like to remain here in Venice CA (LA) while my mother and father are still alive, I guess the best thing that could happen would be to REFI and get the loans consolidated1st 470k 5.875% fixed 30 11 years in already2nd 250k 3.40% Adjustable till 2017 then principal as well!

I'm at 5.875% on my first at $470k thats a fixed 30, and eleven, almost twelve years on that, then my second at $250k at interest only 8 years in on that at 3.40%, along with my mother and some CC debt, it is a BIG nut to cover!