Family Real Estate and Dreams of Investing

[Jon Rusnak]

Hey BP! A number of my family members will be selling their properties. None of the properties are distressed but could all use a bit of work. I’m a licensed agent in IL so anticipate I’ll be listing the property but none of these properties are on the market, yet. I’m interested to hear from other investors if they’ve ever purchased an investment property from a family member. If so, how did it go? If you have ever purchased an investment property from a family member (or friend) or structured some sort of profit sharing arrangement I’d love to hear about it. I’ve considered different things such as covering renovation costs for some of the profits upon sale, seller financing, asking them to rent the property out and I will manage it for a fee, or just simply list and sell. I’m still in early stages of brainstorming... let’s hear your ideas / experiences! Thanks in advance.