Hey all,
So a lot has changed for us in the past half year or so. My wife's parents are talking more about retirement within the next several years and trying to move closer (and into low-income housing). They currently own a home (with a mortgage of over $200k still owed) but they will either sell it, or if we agree, would transfer it to our names so it would be split between my wife & I and her brother. If we decided to hold onto it, we would probably end up renting it to cover the mortgage if we were to do that.
For me though, I'd want to avoid that situation if at all possible - just because of the potential issues between her brother and wanting to rent vs keep vs him potentially living there and how all that would work out in the end....
So switching gears a little, I've also recently agreed with my parents that the condo I currently co-own with them, will be transferred 100% to my wife's name and my name. There are still things we'd have to work out as far as inheritance and how this works with my brothers, who technically each have a 'piece' unofficially. But nevertheless, I anticipate this deed transfer of ownership to allow us more flexibility in the intermediate-run. There is no mortgage or debt on this place as it is fully paid off between my parents and I. I did take a "loan" from my dad for my portion of the ownership, which he agreed I can pay off in 'good faith' and then he'll transfer the entire deed over. It's essentially me getting my inheritance up front, if you will. I think my parents are just fortunate enough to be able to [generously] offer up various ways to help my brothers and I.
With all this formulating now as it has, I'm wondering if it would be a potentially wise decision to start looking for a home assuming the full ownership of the current condo goes through. Then we could either A) rent out the place we're at now and move into the new place (with the rent subsidizing the mortgage) or B) keep living in the current place and rent out the new place so that mortgage is covered by the rent. B) seems especially enticing because, if we can find a place within our budget, I think I'd be able to put down 25-30% as a down payment to further reduce the monthly payments (so that whatever it is rented for is potentially the same or more than the monthly mortgage).
There is a third option I have not mentioned, which I think would especially be taxing on us, and that is considering my in-laws and having them move into the current place (while we live in the new place) and either having them there rent-free or at substantially lower rent.
Just to reiterate, nothing has been done yet or is set in stone. These are all just hypothetical and or remote possibilities.
Anyway, just wanted to see if anyone has similar experiences or can offer up some advice.
