I also have a property that I am financing, parents live there and pay for mortgage and all expenses.So now I have 2 options and I am a bit lost on what to do:1) Wait to sell one of my flips, then buy a condo to live in (put down 20%) - I may not be able to get the condo right in time before my lease ends so would have to figure out my living for a month or 2.2) Extend my rent for another year and keep working with the capital I have3) Buy a condo cash, wait 6 months and cash out from it (that would freeze a lot of capital for me)

Buying a property that will eventually be owned by a LLC, as "child" of a series LLC.

With the help of my decent credit score and my parents as non-occupying co-borrowers (to increase my debt to income ratio).

Asking family for funds is out of the question as I'm helping my parents pay the bills leaving me with little savings.

Some of the furniture I even got for free (like when my parents decided to get a new mattress for their guest bedroom... free mattress!).

My parents bought a house for me, my girlfriend, and her sister to live in with 3 bed 2 bath.

If your monthly payment is $500, and your closing costs are $5,000 then you would need to recognize $6500 (5,000 +(500*3)) with your bank sometime before closing.The nice thing is you could borrow money from parents or what have you then recognize the amount, then give it back if you're strapped for cash.

Did you parents have a directive, will, etc communicating their preferences?

I will first approach my parents asking for endorsement and talk to lenders for the downpayment requirements.

Hi everybody, I joined in January of 2019 but I decided it’s finally time to start posting.I started learning about real estate from my parents at a very young age.