It's all local.I wish my college area would fall, but there seems to be an endless supply of rich parents or 'investors' betting on appreciation who are willing to pay up.

It can be a real time-waster and energy-drainer.Prepare an iron-clad lease and get the parents to either sign the lease or sign a notarized Parental Guarantee.

My credit score right now is around an 800, and my parents are successful in the rental business by already paying off the mortgage for their rental houses.

Thanks Mike C, you got me thinking a lot more about my network and it is much bigger than I sometimes realize.I am actually really lucky that both of my parents did very well for themselves so naturally our family spends a lot of time with other successful people.

My mom was a single-parent school teacher raising two kids.

The second option would be to have my parents buy the property with cash.

There is plenty of case law that your account should look into where parents create LLCs with their children and a taxable gift occurs when the property is transfered into the LLC because the child's equity interest in the LLC exceeds his or her capital contirubtion.

My current living situation: I may sound like a loser, but I'm living with my parents so I can live frugally for now.

:) Buy a little boutique hotel next to the beach in Costa Rica and live there, travel all over the world with my children, pay off my parents' debt.

A related person includes: Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etcA corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporationA partnership in which you directly or indirectly own more than 50% of the capital interest or profits interestsRepayment of credit.