Ideas on buying my Parents house.

[Jaison Emmanuel]

Hello to all... 

So my parents are selling their NY house. They are retired and don't care to be landlords. ARV it's worth 685-700k. The golden ticket to this property is that it can be converted over to a legal 2 family property. with about 50k of work, it can be converted over to 2 family house, and be worth over 800k.

They offered it to sell to my sister and me... with a family discount.  But that might be as low as 400k.   Right now, My sister is not interested...  I have my investments in Flips and in other properties...  I do have investors.. but I don't know if I would recommend buying this property with them to make a small profit margin... They way I look at it... If I buy in Texas I can make the same profit margins with a 200k house.  

I do want to keep the house for sentimental reasons (i know)..  but the rent for 2 family house can be 2500 on one floor and 2000 on the second floor.  

Im sure my parents can aid with me to whatever creative plan I come up (including seller finance) to buy the house.. so with that said..  I'm looking for some creative way that I can buy this house...  Let me know your ideas.   

[Jay Hinrichs]

if it was me and there is no stipulation I would just sell it make the 200k your parents are gifting you and move on.