So the other thread about buying the house next door got me to thinking about a few things.
We are both w-2 employees and had a bigger tax bill this year than we expected. An option we are thinking of is buying a rental property to help with taxes (depreciation and interest). I know there are plenty of experts on here. We are thinking about buying a house and then rent out to a parent.
Setup LLc and buy in it? Don't foresee buying a second rental for a long time as we have other desires.
Could we use our cash as down payment then parent gift us cash to replenish our cash to buy property later this year. Has anyone done this before? I'd want to "pay" back parent in some form or fashion because other siblings are involved. Maybe interest in LLc - seems complicated.
We are both w-2 employees and had a bigger tax bill this year than we expected. An option we are thinking of is buying a rental property to help with taxes (depreciation and interest). I know there are plenty of experts on here. We are thinking about buying a house and then rent out to a parent.
Setup LLc and buy in it? Don't foresee buying a second rental for a long time as we have other desires.
Could we use our cash as down payment then parent gift us cash to replenish our cash to buy property later this year. Has anyone done this before? I'd want to "pay" back parent in some form or fashion because other siblings are involved. Maybe interest in LLc - seems complicated.