Return on $60,000 investment
Hello All. I'm investing about $60,000 in a family member's rental property that is currently not rented because it needs a significant amount of work. The reason it's an investment and not a loan is because I know that they won't be able to pay me back the $60,000 anytime soon, not to mention any interest, no matter how small.
When the property rents it'll cash flow approximately $2,000/month. The home is worth about $450,000 (Southern California) and paid off (inherited). What's a fair amount of the monthly rent to ask for in exchange for the investment?
Thank you all for your help. I look forward to reading all your responses.