Renting a house w/ a land contract on it.

General Real Estate Investing
1

If I have a house that Im paying monthly on w/ a land contract
can I still rent it out. Even if im not the owner?

:biggrin

2

Are you the buyer on a contract for deed?

If so,

  • Was your contract treated as a sale by both parties?
  • Do you have the right of possession?
  • Do you have the right to obtain legal title upon full payment of the purchase price?
  • Do you have the right to construct improvements?
  • Do you have the obligation to pay property taxes?
  • Do you alone bear the risk of loss if the property declines in value?
  • Is it your responsibility to insure the property against loss?
  • Is it your responsibility to properly maintain the property?

If you can answer YES to all of these questions, then you have the right to use the property as a rental, or, even to sell the property if you choose. Meanwhile, you get all the tax benefits that accrue to property owners until you sell the property.