2007-10-23 23:04:22 · 4 answers · asked by bobfox 1 in Business & Finance ➔ Renting & Real Estate
You can, but you're leaving yourself open to some strange circumstances potentially. For example, if your tenant doesn't pay the rent and you therefore can't pay him, you could wind up evicting each other. Think about it! And if your tenant acts quickly he could evict you before you could evict him.
2007-10-23 23:21:03 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
No point in doing this. First off, if you live there and rent out some of the rest of the home, it's considered a principal residence, and in the US, that gives you some great benefits tax-wise when you sell it (it will exempt you from taxes on up to $250,000 of profits).
Second, if you rent from your tenant, it gives him/her control over your living arrangements, as they will be the landlord. They could evict you if you disagree on something.
Just buy it, and rent out the extra rooms to others.
2007-10-24 08:16:38 · answer #2 · answered by trblmkr30 4 · 0⤊ 1⤋
Just rent the property to your tenant minus one room. That way, no eviction shenanigans go on if your tenant decides you don't like living together! No cash changes hands except what he/she has to pay you. A lot simpler.
2007-10-24 07:41:20 · answer #3 · answered by Barbara 5 · 0⤊ 1⤋
you could, but its not a good idea, for many reasons...some of which have been mentioned already. I see no beneifit, only headaches............
2007-10-24 09:49:46 · answer #4 · answered by ABCDEF U 4 · 1⤊ 0⤋