Renting to family member

[William A.]

My mother-in-law would like to buy a condo but I’m not sure if she can afford what she really wants.

I am considering buying a condo and renting it to her for what she can afford. How can I do this and avoid the “personal use” trap? Any suggestions would be appreciated.

[Account Closed]

Subsidize her lifestyle by giving her money each month, which she then returns to you in rent. This is no different than if you took your rent profits and gave them to her to afford some other place.

Better yet, help her find something she can afford.

Or, let her live with you.

Wouldn't bother me one bit to rent to a family member.