My parents had to stop paying the mortgage and I could feel the stress radiating through the home every time I visited.

Heck, you should mortgage your home to the hilt, and borrow every single dollar you can at 6-7% and crush it on the arbitrage.

Look at occupancy rates, average daily rates, and competition to understand the potential for success.Property Management: Consider how you'll manage the property remotely.

Also, if there’s a mortgage, transferring it to an LLC could trigger the due-on-sale clause, requiring lender approval.Better Alternatives to Avoid Reassessment & Save on Taxes:Living Trust (Best Option) – Your aunt and stepfather could quitclaim their interests to your aunt, who then sets up a revocable trust naming your mother and you as beneficiaries.

I also have no interest in being in the car wash business, or the laundry business, or the AirBnB business, things like that which seem to appeal to a good number of people, but not me.I like to KISS, and just focus on market rate rentals, 12 to 18 month leases.

The unfortunate reality is that the BRRRR book made a lot of sense when it was published, but with the high rates now, BRRRR is much harder to accomplish.

Congratulations, you get to share your partners tax burden and pay the depreciation recapture at ordinary income rates. 

I’m in the real estate and mortgage world here in Chicago, so if you ever want to chat about financing options or general market insights, happy to connect.

If Airbnb is your best option, choose a location with high occupancy rates and optimize pricing with dynamic tools like PriceLabs.

A great lake front home doesn't have to cost a mint but it sounds like you want something that is really fantastic which will bring a higher nightly rate.