203K with Illinois Land Trust

[Robert Hursey]

My brother and I are investors in Illinois looking to purchase a multi family with one of the occupants being our parents. Since they will be living there, could they buy the property and put it in an Illinois land trust with my brother and I as beneficiaries? That way, sons pay for the down payment, make the payments, parents are the residents, and sons acquire ownership in the future. Would this work?

[Jerry Tuzil]

Robert,

If I am reading your title correct you are doing a FHA 203k loan? Those would have to be bought by individuals, cannot be bought in a land trust. You can still put the parents on he loan and you gift the down payment to them

Jerry