Hello there! I’m reaching out because i have a question / looking for advice about buying a property from my dad.
Backstory: My dad has a house in central Florida is looking to sell in the near future and move somewhere else. However we were thinking it would be a good idea for me to purchase or transfer the ownership of the property and I can rent it out.
My question / looking for advice is how do I go about executing this idea? I want to keep the same monthly payments and interest rate…
One idea that came about is he takes money out (bought for $140k ish and is estimated to be worth $260k+) and live off some of that money (he’s retired). I would then take over the loan and rent it out for the average rent in that area.
Thanks for any input.
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