Aloha Michael,There is really no need, they just feel they are getting older and need someone to trust their estate with.The parents want to add our name because they have a co-signer they want to remove as well and there is a trust issue with the other members of the household.

I had success buying defaulted notes direct from Consumer credit type lenders  Household finance type companies.. but the big banks sell this paper in bulk in big tapes... but if its a local Texas bank and they will talk to you then its possible.

If this were me and the location were great I would tie the property up, do a demographic study and prepare a short marketing book including traffic counts, household income in 1-3-5 mile rings, aerial shots showing other retailers in the area,ect.

Household income of 35k over the course of 1 year we saved up 18k (LIVED ON NOTHING) and put 10k down on a 70k duplex.  

@Zach Stillman and @Max Householder - thanks for the advice and heads up on the taxes.

If some of you wouldn't mind sharing, what is your typical cash flow that you see from your condominiums?

I don't know what Colorado is like, but in California you wouldn't actually have a condominium that could be sold until the project is complete and it's recorded, therefore, obtaining money from a pre-sale wouldn't work.

I will have to look into these condominium's websites further to find their documentation. 

Did you know that special needs housing, where you rent out rooms separately but with shared kitchen and dining space, can (if you set it up correctly) provide greater income than renting to one household?

Hello, I wanted to hear your opinion on my preliminary qualifications below, even before I give them the Renter's Application to fill out:=======To qualify I have a min requirement of Household monthly income to be at least 3 times of rent.