if you are careful about who you rent to i.e. preferably married couple with 1 or fewer kids, a no four legged pet rule, birds and snakes MUST be in cages, and do an "inspection" once a quarter you can avoid most of the rental nightmares. check out references thoroughly and make sure they have stable employment.What kind of tax issues would I run into? I had thought of putting it up for rent but didn't want to take the chance in someone tearing up the house and then I have to sink a bunch of $$$ in it making repairs before selling it.
As far as tax issues you may not have any, the capital gains tax laws have changed since I last sold a house. so they may not be any at all.
LOL if she is already watching your son during the day it is a bonus. One thing you can do is make a deal with her that if she won't accept any rent, she has to let you hire a maid service to come in once or twice a month to do a good cleaning, to take some of the burden off of her. then do some other things for her like taking her out to dinner a few times a month. sometimes it's the little things you can to that she will enjoy and not look at it as you paying her rent.This conversation originally started from me talking with my wife about us selling the house and getting an apt so that when we found a house, we could be in a position to buy right away and not have the added stress of trying to sell our current house at the same time. My mother is the one who suggested instead of getting an apt, just move in with them and save that money. She refused the idea of taking rent but I would still give her $$$ to cover utilities.
Right now she watches my son during the day and she gives me grief when I give her money for that :bash:
to be honest from what you say I would probably take her up on it. but I would rent the house out if you can get enough rent for it to cover your house payment. Like my father says "God aint makin no more dirt" and once you buy some, if there is any way possible, you should hang on to it.
The other thing about renting it is that if something happens and it just doesn't work you have a home to go back to and don't have to throw money away on rent.
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