.· Avoid “Gifts”…pledge instead…no gift letter required.

Apparently one of the kids received a silicon oven liner (as a gift) that you put on the lower rack(s) to catch drips etc. http://www.overstock.com/Home-Garden/Miu-Heavy-weight-Commercial-Non-stick-Oven-Liner/7900414/product.html Unfortunately she put it on the very bottom of the oven & we had a CO emergency.

I feel like this bubble can't go on forever and I shouldn't look a gift horse in the mouth.

. - Presumptions.It says in part: "...All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved."

Agree to slowly gift to your son over the years.

After talking with one mortgage broker however, I was told that I could not accept gifts from outside parties to help fund this transcation and that the money would have to come entirely from me.

If you have the gift of gab you can get info out of them if they don't think you're some nut....with some strange guru thing.Look at rentals, see who holds rentals and obviously they buy, ask them if you can help them to learn.But, I suggest you not just go beg the first name you get, you need to vet them.

BenThe idea of getting the kids involved is a great suggestion.We started with legit documentation of gifting each year etc from birth.Then as a high income producing property became avail, & they were 18, we would let the kids assume ownership & take the income.

Would you use the gift money to pay your debt or would you keep paying the 50 cents per month and use the remainder to create a sustainable income for yourself.

Here is my layman's view based on a few business law classes:Consideration = bargained-for exchange => NOT a giftSo in theory anything that could keep the "agreement" from being a gift should apply.