Thanks for your insight Kent. Too much information can never be enough on this topic, as I have so far found many people with many different views and circumstances - many of them beneficial to a newby like myself.
Unfortunately, my sister is also currently going through an ugly separation and apart from her living 2hrs from town, it would not be the happiest of households to be in at the moment.
It would be sad to burden my parents (yet again) by having to move into their house indefinately. Not sure how I would go either after being on my own for the past 14 years.
But beleive me, I will do everything in my power to keep the property, and your suggestion may be the only option left for me.
The rent would not even cover half of the mortgage payments, but as you say it would certainly be better than losing it, if that course was financially workable.
I am unsure of your LLC terminology, but I presume you mean to offset the rental income against the propery maintenance expenses, producing a negative return?
And your second option was discussed, but proven inadequate as it could still be traced and seen as me reducing my CS.
Thanks again, I will let you know how I go.
Unfortunately, my sister is also currently going through an ugly separation and apart from her living 2hrs from town, it would not be the happiest of households to be in at the moment.
It would be sad to burden my parents (yet again) by having to move into their house indefinately. Not sure how I would go either after being on my own for the past 14 years.
But beleive me, I will do everything in my power to keep the property, and your suggestion may be the only option left for me.
The rent would not even cover half of the mortgage payments, but as you say it would certainly be better than losing it, if that course was financially workable.
I am unsure of your LLC terminology, but I presume you mean to offset the rental income against the propery maintenance expenses, producing a negative return?
And your second option was discussed, but proven inadequate as it could still be traced and seen as me reducing my CS.
Thanks again, I will let you know how I go.