Relative Has Asked Us To Purchase Her House And We Advice
A relative with a paid off home has asked my husband and I to purchase her property. She cannot afford the upkeep and maintenance on the property. The property requires considerable updating even to make it rent worthy. We have a few rental properties already and would like to add this property.
Unfortunately even though we have great credit scores we have no available funds for down payment or for fixing the property. We are looking for creative ideas on how to purchase the property and get money for rehab. The relative is open to monthly payments so she can have monthly cash for her rent.
Thanks for the suggestions. We are meeting this weekend with our attorney present.