<p>I know that this is kinda off topic but my son is going to attend Emory in Atlanta. He was thinking about renting and the rent to be close to the school was not in my price budget. So, I did the unthinkable and bought a townhome 3bedrooms and 2 1/2 baths garage new! The community takes care of the lawn, garbage and water. And my mortgage is under 900 a month. So with the other bedrooms available he can get roomates and their rent alone will pay for the note! Parents make the investment and wise choices! My realtor was awsome, my townhome had 20k instant equity, because homes are constantly in developement mode! And the weird thing about it I am out of state and she took care of everything just the way I like it until closing. So until my son gets down there I am just doing month to month with the tenants until then. I have not paid a note out of my pocket yet! I am not rich just had to make a wise choice so my son will not have me in the poor house and him out on the streets.</p>
<p>Sorry that no one responded to your first post, but welcome to CC, and good move.</p>
<p>Congratulations! It's wonderful when things work out so well. Good luck to your son at Emory.</p>
<p>It can be risky buying real estate when you don't know the details of the specific neighborhoods. I live near Emory and would say that some townhomes might be good investments and others might not. Caveat emptor.</p>
<p>Good luck. these things are easier when they're cash flow positive. Just hope the real estate market appreciation continues so you don't need to sell at a loss after graduation.</p>
<p>One last bit of advice: Start looking now for a good tax professional. Your tax situation just became MUCH more complicated, but with the upside of some good writeoffs. It is more complex because you have a family member occupying rental property. You should start keeping records of every expense.</p>