Can Son Co-Own And Rent Florida Condo?
Q: I’m planning on acquiring rental property and my son is looking for a primary residence, so I’m going to buy a condo or villa in Florida and rent it to him. To attain owner-occupancy status, I intend to put both our names on the mortgage as Tenants-in-Common. Can I claim all his payment as rent, thereby, making him a tenant? Is it acceptable to rent to him for the total mortgage payment?
–Anthony McCoy, Indianapolis, Ind.
A: Yes, your son can be both a co-owner of a property as well as a tenant, and you can charge him the amount of the mortgage as rent. But whether or not this is the best situation in this circumstance depends on what each of you is trying to achieve.