My parents are professionals and make a good living, but I wanted to be rich.

I am married, with an 8yr old child.

My first instincts are to stay away - but was wondering what other have done in the past - like what if i was supposed to have plumbers there to tear out the sink .. and the only person home ( after a 24 hr notice to enter) is a child??

I have $30k saved up for a down payment and my parents are willing to put in $40k If I need it.

I always advise heirs (in addition to hiring an estate/re attorney) not to deed property out of a deceased parent's /estateinto theirs because all kinds of personal liablity issues that can effect the other heirs start popping up.

For example; * Job loss, and family income has dropped by $2400 per month * Medical Bills due to “Xâ€, which total over $50,000 * A divorce which puts child support and alimony burdens of $1200 per month * My ARM has increased my mortgage payment by $800 per monthSecondly, you need to demonstrate how this hardship impacts your ability to make a mortgage payment.

Burns' response are 1) that he does not identify which needs won't go away and 2) sometimes those needs appear unexpectantly later in life (care for an aging/frail parent(s), taking care of grandchildren, children that return to the nest, etc.).

Parent has cash (or could potnetially liqudate mostly into cash) and buys investment property in the child's name.

She was supposed to come down Sept 1st, but got delayed until now, Dec 1 because she has a handicapped child and needed doctor approvals.

But until unemployment decreases and these young adults find the jobs, income, and stability to buy or rent a home, I think many of them are going to remain "boomerang" kids and continue living with their parents, once again denying the rental market another household to service.Since housing is not as liquid as other investments, like stocks and bonds, everything tends to move like molasses.