This type of set-up was the most common way of committing mortgage fraud for several years and the banks are on the look out for it, which makes it hard to do, even if you are legit.

It's important to remember that, like all relationships, developing trust is a commitment that takes time for you to prove yourself to the other person.

BTW, I'm not suggesting padding the sales price to commit fraud, I'm talking about legitimate repairs to make the unit habitable, with receipts for the completed work.Thank you.

The decision to move forward, coupled with a commitment to learn all you can is a foundation for success.

You most LOVE, LOVE, LOVE your family cuz that's one heck of a commitment.

The rights of a family member living in a rent controlled or rent stabilized apartment to succeed a tenant of record who dies or permanently vacates are covered by DHCR Regulations.Under these regulations, a “family member” is defined as a husband, wife, son, daughter, stepson, stepdaughter, father, mother, stepfather, stepmother, brother, sister, grandfather, grandmother, grandson, granddaughter, father-in-law, mother-in-law, son-in-law or daughter-in-law of the tenant; or any other person residing with the tenant in the apartment as a primary resident who can prove emotional and financial commitment and interdependence with the tenant. 9 NYCRR § 2520.6(o)(2)......Those are just portions of items covering that but if you go to the page you may get a better idea of what the law says on the matter.

Personally I believe in having no debt so that is the way I have run a couple of my businesses however if he/you are comfortable with having the debt and committed to paying the payments even if you don't have a tenant then using the bank's money (OtherPeoplesMoney) will allow you to grow faster.

per month, and has commitments of 1000/month.

I'm at a point in my life now where I don't have any commitments (not married, no kids, decent nest egg) so I can sort of head into any field/job I want.

(I realize this approach may sound nutty but it would also be a way for me to learn to be a landlord without committing massive capital)TIA !