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Tilted Cat Head
Administrator
Location: Manhattan, NY
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Quote:
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Originally Posted by NoSoup
It seems like you have a pretty straightforward plan. Keep in mind, however, that there will also be taxes due on the property.
However, a word of caution. Regardless of your relationship with your sister, have everything in writing, up front - including your hourly wages and what a fair market rental price would be. I would definately have something signed with her before you consider purchasing a property...
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very sound advice which I will also emphasis. While everyone thinks,"But their family... there's no need to bother with this kind of formality." Those are very last words to the beginning of the end of a good familial relationship.
Money brings drama and expectations. Business is business, friends is friends, and family is family. Don't confuse the three.
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