Posted by Bill on March 16, 2002 at 06:27:16:
If you put 20 percent down, just make sure that you actually put the remaining money to work at a good rate, and not in a bank making 3 percent interest. If his income is low and he can’t use the deduction, why not either buy it yourself and rent it back to him, thus getting the deduction for yourself, or go in as partners with him. (PACTrust or regular) that way he puts up the small downpayment and you get the tax benefits). Also,keep in mind , if he is older and may ever face nursing home posssibility, talk to a elder specialist type lawyer as to asset protection. There’s nothing like giving all you ever made to a nursing home. Taking the property in your name or in a trust now could save you hundereds of thousands in the future.