Question:  I have a property I would like to rent out and was planning to use an agency to manage it. Now a relative has asked if they could move in. Do you think this is a good idea?

 

Answer:  Absolutely not, unless you want to help this relative and don’t care how much it costs you.  This is a valid reason for letting your relative move in, and you achieve your goal of helping them whether they pay the rent and take care of the property or don’t.  However, if your intent is to use the house as an investment, letting a relative move in has the potential to destroy familial relationships as well as cost you money.  If you just can’t say no, have a management company handle the rental and make it clear to your relative that they are dealing with the company, not with you.  If they run into problems, they will come to you anyway, but at least you will have set some expectation of their responsibility at the beginning.  Good luck…you are in a difficult position.