Who is Liable in this scenario?
I am bidding on a condominium that is in short sale, and plan to pay it off in cash. The current owner is willing to stay in the place and pay rent so I don't have to worry about advertising and vacancy for the mean time.
What I learned is that the owner is babysitting or taking care of neigborhood children, a pseudo day care from the condominium.
If one of those kids gets hurt, who is liable, the me the new owner or the person taking care of those kids? Do i need homeowners insurance too since it's a condominium. If it's a pseudo day care, doesn't she need a license to practice?
I like this place, it will give me a good return, but if there is a lot of liability involved, I should just look the other way.
Or in a renter's contract, how should i word it in order to protect my assets or keep me from being liable if any of those kids gets hurt in my condo.
I can always not rent it to her, but another tenant can do the same thing and I would not know it.