Mom passed away and trying to figure out what to do w/ her home
My mom passed away tragically and unexpectedly in April 2017. She has a home in Riverside, CA worth approx 510k and approx 330k is still owed on the mortgage. My 2 Brothers have been living there since she passed away, but one of my brothers will be moving out in the next 1.5 years and getting married. Once this happens, the remaining brother will be unable to stay in the property since expenses are too high.
We have considered renting out the property (we could rent it out for about 2,400 per month and this would cover mortgage, hoa, property tax, insurance with about 300 left per month to put in reserves). Unfortunately, the house needs about 10-15k worth of repairs to get it to rental condition. We don'./t have this money (although we could find away to collectively come up with it) and even if we did, we are concerned that this property would turn into a money pit for the next 27 years ( term left on the note).
Another option that we have considered is selling the house and using the equity to put a large down payment on a property so that my brother and his family could live there ,afford the mortgage, and eventually own the home in 30 yrs. The problem with this option is that my brother would not qualify for a mortgage and would need a cosigner or I (or another sibling) would have to purchase the home in our name and then put the title in his name after the note is paid. Im not very comfortable with this idea because I already have a property in my name and will be getting married in the next year and a half and plan on purchasing other rental properties with my future husband.
Is there a way to purchase a property in an LLC so it doesnt personally affect my credit? Or do you all have any creative solutions for us based on our needs?
Thanks in Advance...please know I am looking for advice not simply an invitation to speak with you privately