When contemplating the purchase of residential rental property there are as many types of properties to buy as there are considerations to take into account.
This article will focus strictly on purchasing student rental property for a member of your family to reside in while attending college.
One of your first considerations involves how long you plan on remaining in ownership. Will you hold the property just while your child attends post-secondary schooling, 3, 4 or 5 years, or will you continue as an absentee landlord after they have graduated.
If so, who will manage the property, and do the maintenance and repairs for you and how will the added expense of a property manager affect the income generated from the property. If you do decide to sell after your child graduates and the market is not the best for selling can you keep the property until the market turns around?