We are going to buy our first IP, but the IP is mainly for my parents to live, they may rent the rooms out or do home stay for international students.
My partner and I are going to cover the mortgage if the rooms can’t be rent out. As it is interest only, it is not going to be too much for each month. We also have a IP property (no mortgage) at overseas, but the people who are renting it are also friends, so they just pay cash whenever they want. I got advised that this overseas rental income can’t be used for getting more investment loan, but can be used to cover the investment loan interest.
We are not sure if we are allowed to rent to my parents, and do we have to pay for an agent or property manager? we really don’t want to waste money on property manger as it is all within family.
Thanks for your time!
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