I gone through experiences with my parents, who lived in the property in NYC since 1948 as renters, then purchased it in 1963 for $25K, and due to the explosive growth of real estate prices here had been constantly contacted since the 1980's when the property was worth $250K.

Let the Kids "sell" the idea to their parent. 

I purchased a 1 bedroom condo for myself after moving out of my parents house, and then started renting it out when I moved in with my girlfriend (now my wife).

My parents also have excellent credit so they would be able to co-sign a loan for me if necessary.  

My parents live in Merritt Island, FL and suggested Orlando or Cocoa Beach.  

He has been struggling to pay the rent and his pickup payments etc. so he has decided to move back in with his parents until he can get his pickup caught up and the business going strong enough to support him.I really appreciate both of your input and I'm very glad that I followed your recommendations and talked to him.

The initial reaction will be to drop out of school for those who's parents lost jobs, didn't want to be there in the first place, etc, but what we usually see is people go back to school to earn a different/higher degree during recessions instead of trying to get into the work force.

I grew up with two parents who were hardworking tradespeople.

Hey guys, I guess I’m just looking for opinions on what others would do or have done, so I have my house which is fully paid off now and I am wanting to cash out refinance to buy my first apartment building.long story short it was my parents house they had a 100k+ mortgage on it and they got divorced and it was foreclosed and sold for 21,500 dollars in 2016, after negotiations we purchased it back for 70k now the deed is free and clear in my name, it’s a big house 6400 sq ft lot 7 bedrooms 4 bath 4 floors (It was originally a 4 apartment building turned into a single family home when I was young then a 3rd floor was added on to it)I ideally didn’t want to buy it back and wanted to move out of the city but I have to take care of my mother as well so ultimately I’m ok with living here while trying to grow my wealth.

There was this post a couple months ago from another BP member not too far from me whose deadbeat tenant owed him/his parents almost $27k:California Tenant Missing Rent Since 03-2020And in that post, it didn't seem like he was even close to getting this tenant out.