We were planning $600/mo mortgage payment, $100/mo insurance & $100/mo taxes - balloon payment in 5 yrs.We are providing $5k to pay back taxes ($4k), back hoa ($125), pump septic & grease trap clean out ($225), survey ($600)  & our children are paying closing costs ($1500).Deal stalled as owner backed out on seller finance.Suggestions?

Anyhoo, my long term goal is to build a rental “empire” to pass down to my children and so on. 

Let me break it down in simple terms.In Massachusetts, if your property was built before 1978, you cannot rent it to families with children under six unless it complies with the Massachusetts Lead Law.

I personally would like to create multi generational wealth ie his children's children and I will have that conversation but not until he launches and gets his own life going.  

Almost have to be the child of people with no brothers or sisters who are also children with no brothers or sisters, or the family has to have super bad luck. 

Hello Huy,I found this great article that might help you.https://elderlawms.com/faq/do-gifts-of-property-to-children-...Also, you might want to consider taking over the property sooner rather than later, if you take over the property now it appears that you would be avoiding Inheritance taxes. 

Time is running out Wife and 3 Children LIVE in the home and want to CONTINUE to live in the home as the Children are entering or in High School(a painful time to have to move or relocate for all) - YES lots of emotions all around involved.

This might reduce the pool of interested renters, especially for families with adult children or multiple adults sharing a residence.In summary, requiring all occupants aged 18+ to fill out an application allows you to vet the entire household and mitigate risks, but it could also complicate the application process and cause pushback.

I'd make sure to check out the Intel headquarters, Ohio State University, Google, Amazon, FB, Nationwide Children's Hospital, etc.

.- lower turnover- easier on the units when they do move- quiet and less disturbance than traditional, younger- for fixed income, consider partnering with the local housing authority for SEct 8 vouchers, then raise rents accordingly - guaranteed money & the Sr. only pays a portion (if they qualify)Traditional renters- Higher turnover- Higher turn costs- More volatile - higher bad debt- More drug related activities- Adding in children that are hard on units- Higher eviction rates and legal costsConsider all angles before making a decision with the changes.