Legal Question in Real Estate Law in Texas

family real estate

my parents are unable to sell a home in FL at a reasonable price but need to live in NM for health reasons (drier air). They need the money from the sale of home to live off and to pay off their home in NM. I would like to help them by purchasing their home in FL and renting it out. The home will only appraise for 1/2 what they paid for it. Is it reasonable to also purchase their home in NM in order that they can get the full amount they need from the FL sale? I would then own both their homes, renting one in FL and they live in the one in NM. Is this a bad idea for either my parents or me? Seems like it may be a good solution to their problem.


Asked on 7/20/09, 8:43 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: family real estate

Check with your cpa. 2 issues might be stepped-up basis (if applicable) and Medicaid. He or she needs to look at the big picture for your parents.

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Answered on 7/21/09, 11:37 am


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