I have a property (father's) that I can take ownership of through probate.  The value of the property is a little higher than the mortgage balance but not much.  If I rent it we will make about $200 per month.  It was...

In July of last year I purchased a home out of state where my parents live so they could remodel it (which is their specialty and darn good at it) I needed the tax write off desperately and every mentor said it was a must. 

I hear there is an increasing demand for this type of arrangement as more and more gen x-ers are moving their baby boomer parents in to care for them. 

Before we continue we should understand that this group, like the parent groupings, also has subsections.  

My wife has power of attorney over her parents house in Philly.

I have a child on the way so it will be my wife and I plus the baby when we move.

For those who want to cash out of their asset for long-term care of a parent or to divest the profit before family members multiply due to the death of a principal, understand that a specialist in this sector can best help you determine value--the friend or relative who dabbles in property management and residential sales probably won't be able to best advise you in your next course of action.

She is in full control of the properties she actually rents to my parents which is how I came across the whole thing.

My wife (soon to be at the time) and myself borrowed from both of our parents to buy a house.  

It is like talking to an ill tempered child with a tantrum.