Posted by Eric - GA on October 10, 2003 at 18:18:27:
I initially didn’t intend to be facetious, but did want to provide a creative solution for a person that is set on renting out their property. Then, with the different replies all suggesting that this would ruin my wife, son, daughter, dog’s credit, I felt I needed to explain that I don’t see any possible way that, at least where I live, this could have adverse effects on a person’s credit. As to your question about whether this would stand up before a judge…the only other real option I saw provided up the thread was to give your renter a 1% interest in the property. Do you think that would stand up in court?
This is definitely a slippery way to get this done, but its better than having a property that you can’t do anything with. (Though it may not be better than selling the property and buying another in a more investor-friendly area).
Eric - GA