First rental (condo) from mother in-law 200 miles away good idea?
My mother in-law is selling her condo about 200 miles away from where I live. She agreed to help out with taking care of it. I am quitting my job here soon, once I complete my Real Estate License Course (to become a Real Estate Agent) which will hinder my ability to buy property, since I will no longer be able to show steady income. My wife and I bought the house were living in 2.5 years ago with her credit alone, we may be able to do that again. I am wondering if I should go for this deal before I quit my job, or wait something else. This will be my first rental property, and the condo would be in my price range. Let’s say the numbers made sense, would this be a good idea being so far away? I am guessing we would save money not using an agent.
If you have any thoughts I would love to hear them.
Thanks