How can I make this a WIN/WIN ?
I am looking for advice to begin investing in real estate and would appreciate any assistance you may be able to offer.
Situation
I currently live in my deceased grandfather’s home that is owned free and clear by the estate. The house is worth approximately $200,000. I am located in the Metro Detroit area and homes are not moving.
My mother is executor and the money from the sale will be divided up amongst her and her sister. They are each entitled $1,000 per month until all of the money has been distributed. There are enough funds in other accounts for them to receive the $1,000 per month for about 18 months, and then they would be looking for money out of the house.
I am 27 years old, just recently married and this is my first attempt to get into real estate.
Question
What options do I have to leverage this house to get into real estate investing?
Ideally I would like to begin picking up multi-family units.
I would like to be able to go to my mother and aunt and propose a way for us all to benefit. I would rather not have them as active partners in my investing and DO NOT want to purchase this house. I do not plan on staying here for more than a year.
I look forward to any help I can get!