Considering purchasing a property to rent for short term to brother in Canada, what do I need to know?
I am considering purchasing a rental property that I will rent to my brother. The property I purchase will also likely have room for an additional tenant that my brother will manage (think upstairs suite, downstairs suite, etc).
I am in the preliminary stages of planning this investment at this time. In the end the purpose is to help my brother in the short term so that in the long term he can perhaps assume the mortgage from me and also to make some supplemental short term cash for myself. He won’t be getting a free lunch out of this by any means though.
I’m not sure how this should be approached, ideally I would want to put the minimum down as I have other things I could do with the money. How much do I have to put down if I am the only person on the loan? What about if he is also on the loan? If he is on the loan can I still legally rent to him as a landlord?
We would sign a normal lease agreement as I intend to cover my behind as needed.
Has anyone went through a similar arrangement? How did it work out? How did you structure the arrangement so that it is fair for both parties and offers mutual benefits?
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Filed under: Rent Property
alles u doet logische geluiden. Ik ben blij u een huur met bro zult hebben. slim.
Ik stel voor u hem niet op de akte zet tot hij de steun herfinanciert!