I would think a lease option would be acceptable, but realize that the renter would gain an equity position in your house during the option period and be very difficult to evict- eviction would essentially involve foreclosure. I would read up on lease options first-
My solution is to place the property into a land trust, then lease it to your tenant. You make the tenant a co-beneficiary of the trust and therefore, an owner (your partner). The property is still owner-occupied. There should be no problem doing this in Illinois, where the land trust was created 115 years ago.
Not a lawyer.
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"Dissent is the highest form of patriotism" - Thomas Jefferson<BR><BR>[ Edited by mtnwizard on Date 12/01/2006 ]
1[ Edited by larsdelgars on Date 07/03/2009 ]
I would think a lease option would be acceptable, but realize that the renter would gain an equity position in your house during the option period and be very difficult to evict- eviction would essentially involve foreclosure. I would read up on lease options first-
Chris
My solution is to place the property into a land trust, then lease it to your tenant. You make the tenant a co-beneficiary of the trust and therefore, an owner (your partner). The property is still owner-occupied. There should be no problem doing this in Illinois, where the land trust was created 115 years ago.
Not a lawyer.
_________________
"Dissent is the highest form of patriotism" - Thomas Jefferson<BR><BR>[ Edited by mtnwizard on Date 12/01/2006 ]
great answer wizard. i am very thankful for the info. i appreciate your time and knowledge on this question. best regards to you and yours!