[Auream]

Best Way To Purchase A Combo Investment/personal Home?

I'm in college and I'd like to get started early in REI. Since I am only working part-time, my income is fairly low right now.

I have noticed that if I were to purchase a house, I can easily get 3 roomates to pay around $300 or more in rent each, more than covering mortgage payments and property taxes, and allowing me to live essentially rent-free. Obviously there would be more maintenence and whatnot than if I just lived in an apartment, but I am definitely up to the task.

Now for the question... what would be the best way to go about this? I think with my current income level, despite the ability to get roommates, I will not qualify for much of a mortgage loan. The way I see it, I have at least two options:

1) Have parents co-sign on the loan. They have absolutely no problem doing this, but I'm not sure if I would get the best possible rate this way.

2) Put down a down payment and have the loan actually taken out by my parents. I would then simply pay them the mortgage payments. This wouldn't be a big deal, except I would lose the tax benefits since I wouldn't be the actual mortgage holder.

Which would be the better way to go? If I went with option 2, do you think it would be possible for the mortgage to be taken over by myself at some time in the future? Sort of like subject-to, I suppose? I would like to eventually be in this totally on my own without help from the parents.

BTW, I have over $30,000 saved up which I could use for part of a down payment and other costs. I'm looking in the $100K range, and have plenty of time so I am going to focus on motivated sellers so that I can get a better deal.

Thanks for any input you can provide!