Landlord Question and Answer Forum

My mother-in-law would like my husband and I to take over all aspects of a rental property she owns in Wisconsin. She does not want to put the house in our name, she believes there is no need for that since we will get the house upon her death anyway. Can you tell me if we are allowed to lease and collect rent in our name and deduct the considerable amount of money we will have to put into the house to repair the damage done from the last people she rented to. A thought I had was to have her rent it to my husband with a lease stating that he has the right to sub-lease the property as a landlord and assume all landlord responsibilities, including repairs of damages from previous tenants. My husband and I would like to be responsible landlords and follow the law, however any conversation we have with her, including meeting with a lawyer causes her a great deal of frustration and confusion for her. At her age and with her health in mind we would appreciate any advice. Thank you.

Your mother-in-law is doing the right thing by not placing the property in your name. Upon her death, obtain an appraisal. Talk with your tax preparer about tax liability…… You’re allowed to help and collect rent and lease the property for her. She could also pay you for managing and/or doing repairs of the rental……Make sure payments and lease is in her name. She may be able to add you as an Authorized Agent…….. She could place your names on the checking account and have you both manage her affairs if she’s not able. ……You should also consult an attorney, and review your tenant state laws.

Posted by Stan M, CA on Friday, August 4, 2017