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Old 05-08-2011, 09:20 AM
 
33 posts, read 67,942 times
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We have an opportunity to sell our second home to my SO's mother who is currently living and renting in the home... she was approved and we will sell it to her for $100,000...

Now, we are interested in cash purchasing a property to rent and create a second income. Where to start? If we have 100K in cash, we also have to consider closing costs, taxes and other fee's on the purchase so should we be looking at a property listed for 80K-ish so we have a cushion for the other fee's?

I think I would rather avoid a condo because I don't want the rent money to be eaten up by high HOA fee's. In your opinion where is the ideal location to buy, then rent?
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