I’d start by figuring out the cost of the cosmetic updates and seeing how much you could rent it out for.

How about opportunity cost?

To get that $10k yr you are giving up $250k tax free. ($300k has to be earned to net $250k.) so you’re looking 5 years of zero vacancy and zero capex to break even.

Last thing, I would strongly consider consulting with a knowledgeable property manager or attorney once you have a copy of the current lease and all of the facts.

They are also useful for private phone conversations and could be used for storage of valuables as they could be locked.I'd love to be able to broach this idea with other nationalities and cultures but it's really hard if they're not working very long hours and have hours of free time at home.  

For me I am free pretty much always now:)

Add 2 points and a processing fee for the broker an underwriting fee for the lender and various and sundry closing costs and you're golden.

Rates may still be high, but sometimes they’re more flexible with repayment options than a mortgage refi.Family Loan Structure: Since you have an existing interest-free loan from family, you could talk to them about restructuring or even adding onto it, if they’re open to it.

I also suspect inflation will drive continued migration to lower cost of living / lower tax states.  

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