Also, it is more flexible because if your child doesn't want to go to college, but instead wants to become a real estate investor (for example), your child has an incredible head start.  

@Julie VerardiYou can do a co-tenant lease addendum for the adult child if they are living there, versus just visiting while school is on break.

I once had a child abusing, alcoholic mother, hoarder, living in a house I acquired.

While it has certainly gotten better in the beginning I was the "child" who nothing.In the type of deal you are discussing you will probably have NO control.

Their focus was completely on child-rearing and just surviving month to month.2.

I'd be Ramsey and Kyosaki's evil step-child!  

IRS and CFB or child support liens against the seller.  

and I am the poster child for those.. losing hundreds of thousands and probably over a million in the asset class and first to acknowledge it.. was not fun and I could live to fight another day..

congratulations on being a dad maybe this time you'll actually father your child!!

Gross income can include alimony, child support, royalties, etc.