Updated over 9 years ago on . Most recent reply
Rental property opportunity
I have an opportunity to buy my moms house for a great price, we just spent $20,000 fixing it up and it's rent ready. The problem is I want to purchase my primary residence home in the next few months. My debt to income ratio is pretty good right now. If I purchase her house how much would it affect me buying a house for me? Also the plan is to split the sell of the house with me and my siblings, will we have to pay taxes on that money (around $20,000 each)?
House is in KY.