(pa) Can One Joint Tenant Sign A Lease To Rent The Same Property They Own?
Location: Pennsylvania
Title is a bit confusing, and so is my situation.
My father and I are joint tenants living together in a house we purchased together. My father is able to afford everything himself, he just wanted to make sure I had right of survivorship and that I wouldn’t have to pay any inheritance tax in the event of his death.
Problem now is that I’m looking to move out and rent an apartment. But since the mortgage is on my credit report, my debt to income ratio is astronomical. I’m virtually ineligible for anything that requires credit. When a potential landlord runs my credit, they would disqualify me for this even though my father is making all of the mortgage payments himself.
Is it possible for my dad to sign a lease, saying he pays me rent a feasible way to offset this? Would I be able to say that the “rent” is income? I’m not wording it correctly, but I figure it’s a way to have a document that says my dad is paying all of the bills for the house, and to show an accurate debt to income ratio.
TLDR, can a home owner “rent” the same property that they own?
[link] [comments]
Popular Products
-
Electronic String Tension Calibrator ...$41.56$20.78 -
Pickleball Paddle Case Hard Shell Rac...$27.56$13.78 -
Beach Tennis Racket Head Tape Protect...$59.56$29.78 -
Glow-in-the-Dark Outdoor Pickleball B...$49.56$24.78 -
Tennis Racket Lead Tape - 20Pcs$51.56$25.78