My Parents own an 18 acre farm in southern, IL that used to belong to my great grandfather.

My wife and I are going to partner with my parents in this venture I believe.

From what I gathered, the T-mobile contract was going to be increasing in two years, and continuing to increase in years to come.It is also DIRECTLY next door to my parents house, which is just kinda cool.

And being next door to my parents would have its advantages.

But rather a sliding scale based on total income of both parents, and percentage of the total each parent puts in to the total, and how much of that amount should be spent on the child.

So don't make any dumb mistakes (such as withholding rent) and turn your tenancy INTO an eviction.I can only speak for California law, but I'm sure New Jersey laws are awfully similar.

And, as long as the gift is coming from a family member, generally no seasoning is required; what will be required though is bank statements proving where the money came from and a gift letter signed by both parties.I'm closing one next week where the money was just transferred from parents to son last week -- once the bank statements were available and the gift letter was signed, the info went straight to the underwriter for approval.

I don't pay rent since I live with my parents :roll:.

I grew up during the real estate bubble and saw my parents go from one house to the next capitalizing on the equity every 2-3 years to build wealth.

In addition to you IRA not being allowed to benefit you (and vice-versa), it is also not allowed to benefit you lineal relatives (parents, children, grandparents, etc)...By sharing ownership with your father, your IRA would be benefitting him and vice-versa...