It is absolutely a unique tax deduction but be prepared to defend your position in the event of an audit.

Rural properties are uniquely difficult because one of the most critical elements of residential mortgage risk calculations is the appraisal. 

It’s unique, and I’m not sure how to properly value the income side versus the rehab needed for the house.

Due to work and personal circumstances, I would like to leave and move to Chicago within the year.Even though it truly is a beautiful and very unique modern home after the renovations, a real estate agent I’ve worked with before told me the house wouldn’t resell right now for more than $650k (even though the house is like 300 yards away from neighboring East Grand Rapids where homes like mine go for 30% more just because they are in EGR).So I have an unrealized loss of $170k if I try and sell now which really isn’t an option.

Given their financial situation, I’m considering purchasing the home through a seller-financed agreement, where I buy it in cash and they repay me over time.

Lenders provide funds on the ability to repay factored as a debt to income ratio.

I don’t use a land trust in every structure; whether or not it will be truly helpful depends on each unique client situation. 3. 

I'm happy to repay the favor however I can.

The idea is to establish a repayment agreement in which they pay me back over 13 years, with the goal of eventually reclaiming ownership once the full amount is repaid.Legally, the home is owned by my grandparents, though my parents have maintained it for years and are listed on the title.

Here’s the plan:Pay off the mortgage entirely using our own funds.Transfer the deed into our NC-based LLC that we’ve formed for holding real estate.Formalize the loan agreement so her mom repays us over time while continuing to live in the home.Eventually convert the property into a traditional rental when her mom moves out or passes.Possibly tap into the equity via a HELOAN or cash-out refi to fund improvements or future acquisitions.