Updated almost 4 years ago on . Most recent reply
splitting rental property profits with family: any experience?
hi everyone. i've been thinking about using my mom and dad's house as a rental property and would like some input. i'll try to provide a lot of information while keeping my post short.
regarding my family dynamic: my dad passed away and my mom is living by herself in the house. they want to leave the house to my siblings and i. there are 4 of us (2 sisters, 1 brother, me). my 2 sisters live out of state each in a different state and don't plan on moving back here. my brother and i live in state but we both have our own things going on and don't plan on moving back into the house. ive only spoken to one of my sisters about this.
regarding the house: IIRC my mom did a refinance, i THINK because her name wasn't on the loan. for some reason only my dad's name was on the original loan. i'm not sure what the terms are of the loan but i think monthly payments are in the mid-$1000 per month. it's a 3 bedroom 2 1/2 bathroom house. comparable rents in the same city are (according to zillow) listed at over $3000 per month currently. i haven't looked in to property management costs yet.
can anyone who's ever split a rental property one or multiple ways with family think of anything that all of us have to consider? how this works for me and my brother versus my two sisters? what we should do? thanks in advance.