Posted by d1truth on September 12, 2007 at 08:51:14:
I am also talking about renting and collecting money from the family member who is receiving section 8 assistance. Not just renting in general.
Thanks
section 8 rental - Posted by d1truth
Posted by d1truth on September 12, 2007 at 07:12:26:
I am looking into purchasing a two family. I want to rent to my cousing who currently receives section 8 rental assistance. Is there anyway to structure the deal so that I can purchase the property and have her as one of my tenants. I know you cannot rent to a family unless the family member is elderly or…
I was thinking of purchasing under my LLC and assigning my partner as a beneficial partner and receiving the money through the LLC? Is this legal. If not, is there a legal way to get this done?
Re: section 8 rental - Posted by Richard
Posted by Richard on September 13, 2007 at 24:41:57:
Close family members are not allowed, but if this is a “cousin”, there should be no problem. You can review the HAP contract here:
There MAY be an issue if there is a waiting list of tenants, but check with your local office.
Re: section 8 rental - Posted by Rich-CA
Posted by Rich-CA on September 12, 2007 at 16:02:52:
Purchase and rental are two different things. You cannot do anything with the rental until you own the property and there is not reason to put anything about who you rent to in the purchase agreement - the seller does not care. Who you rent to is your business. As long as you pass the Sec 8 inspection, you don’t even have to advertise the rental, just sign a lease with your cousin.
Re: section 8 rental - Posted by Ken
Posted by Ken on September 12, 2007 at 14:33:17:
Call the local section 8 office and ask.I believe it will be ok to rent to your cousin for a fair rent.It may be a problem to rent to your own kids on section 8 especially if they were unrer 21 but your cousin should be fine
Re: section 8 rental - Posted by camgere
Posted by camgere on September 12, 2007 at 07:59:10:
Who says you can’t rent to a family member? You just can’t rent to your children for $1 a year and deduct all expenses.
Irs.gov publication p527 pages 6 and 8.
Figuring days of personal use.
- â??A member of your family or a member of the family of any other person who has an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. â??
Example 3. â??You own a rental property that you rent to your son. Your son ha no interest in this property . He uses it as his main home. He pays you a fair rental price for the property.â??
â??Your sonâ??s use of the property is not personal use by you because your son is using it as his main home, he has no interest in the property and he is paying a fair rental price.â??
Talk to your CPA.