My question
My mother in law wants to sell me the house I used to live in with her daughter, my deceased wife. Market value is around 170K loan payoff is 110K. My problem is I recently took on a large mortgage and do not qualify for another mortgage with this lender at my income level. My intention is to turn this into my first rental property. And my question is what would be the next step?
Any thoughts would be greatly appreciated. Thank yoou in advance.