All of this can be set up to pass through to your personal Schedule E tax form.

hi everyone. i've been thinking about using my mom and dad's house as a rental property and would like some input. i'll try to provide a lot of information while keeping my post short.regarding my family dynamic: my dad passed away and my mom is living by herself in the house. they want to leave the house to my siblings and i. there are 4 of us (2 sisters, 1 brother, me). my 2 sisters live out of state each in a different state and don't plan on moving back here. my brother and i live in state but we both have our own things going on and don't plan on moving back into the house. ive only spoken to one of my sisters about this.regarding the house: IIRC my mom did a refinance, i THINK because her name wasn't on the loan. for some reason only my dad's name was on the original loan. i'm not sure what the terms are of the loan but i think monthly payments are in the mid-$1000 per month. it's a 3 bedroom 2 1/2 bathroom house. comparable rents in the same city are (according to zillow) listed at over $3000 per month currently. i haven't looked in to property management costs yet.can anyone who's ever split a rental property one or multiple ways with family think of anything that all of us have to consider?

I believe the public comment period has already passed.

I think the appreciation play is solid over time but proximity is hard to pass up for rental demand.  

Across the street is a shopping and entertainment complex.

Purchase price: $10,000 Bought the Mobile home as-is from an out-of-town person whose parents, unfortunately, had just passed.

Purchase price: $10,000 Bought the Mobile home as-is from an out-of-town person whose parents, unfortunately, had just passed.

The Austin, TX area has a multitude of pet owners so it's a majority of prospective tenants and if the fee is obscene your unit could get passed over. 

At times you will find someone who passes all the requirements yet, in the end, fades away from signing a lease (often they continue to search for a rental even after expressing interesting in renting yours).

Then when you do find a property you like you can pass it along and make sure that it fits your loan parameters with the specific parameters of that property.