Thinking about getting a small Townhouse thats bank owned and renting it to Rachel and a friend while they are in college. Cheaper than rent with the current market conditions.
Need a tax attorney to help me with the following questions:
1) If I intend to deed it over to Rachel (she would repay the down payment) after she gets out of college and has a job, should I put her and my name on the title? Can this be done without refinancing the loan? Talking 2-3 years in the future.
2) If it is in my and Rachels name can I take the tax deduction as a rental if she is living there? She would be renting half to a friend and with the tax deduction would cost me about $350 a month.
3) If I have to have it in my name (no Rachel) to get the tax deduction, can I quick deed it over to her in 2-3 years and not have to refinance?
Need a tax attorney to help me with the following questions:
1) If I intend to deed it over to Rachel (she would repay the down payment) after she gets out of college and has a job, should I put her and my name on the title? Can this be done without refinancing the loan? Talking 2-3 years in the future.
2) If it is in my and Rachels name can I take the tax deduction as a rental if she is living there? She would be renting half to a friend and with the tax deduction would cost me about $350 a month.
3) If I have to have it in my name (no Rachel) to get the tax deduction, can I quick deed it over to her in 2-3 years and not have to refinance?
