If you sell your property, the tax basis (original cost) of the property for the giver becomes the tax basis for the recipient.

She originally asked for 2 balloon payments.

Since the original loan remains in the seller’s name, you may need a nominee interest allocation to deduct mortgage interest, as the Form 1098 will likely be issued to the seller.

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.

The factors to consider are your overall objectives, your credit score, DTI and personal financial condition I recommend you find a broker or originator whom you can trust and have them weigh your options.

Ok, so I see this might have been a design flaw in the original build so there isn't much you can do unless you rip it all out.You could have it all scoped and see what's what so you can get an idea of what you are dealing with.You could comp the guests a night.

Originally posted by @Roman Stefaniw:@Brian Eastman Yes.

@Stacie TellesMost lenders have a seasoning period (typically 6-12 months since the original loan), so check with your current bank or shop around for others.I would also watch out for prepayment penalties on your current loan.

While I eventually parted ways with my original partners, we remain close friends to this day.Now, 30 years later, I’m still in Ohio and loving it.

I originally wanted to do a quad but financially I know I can’t fund a project that large, unfortunately.