Mom's House Paid For - How to Make Passive Income
My mom is 60 years old, single, and does not make much money as a private school teacher. Luckily she has her house paid for, and I estimate it is worth $250-300K in it's current state. How would you help her earn additional income? I do not live in the same state but would love to help her figure out how to use this to her advantage by either financing another property to buy a rental property, or maybe renovating her house and selling or putting on the airbnb market. She lives in a 25 year old 2400SF brick house with 3 bedrooms, 2.5 baths, and a 2 car garage. I estimate it needs $100K of repairs and general work but could easily sell it for $500K, or maybe more! She could easily make it a 4 bedroom, the living room just needs a door & a closet. The area she lives in is growing fast, large property in great location. I would love to help her figure out how to create passive income but feel that I'm a little too far away (I live in California, she's in Alabama) and do not have enough experience to know the best options here. Most of her family lives close by if she needs to live in a temporary setup. Let me know what you guys would do here, thanks!
Best, Lane