My wife and I will be 2 years post-BK in November and intersted in buying a condo in January for her mother to live in. My TransUnion FICO score is 732 and my wife's is 610. We have about $60,000 ($180 - $120) equity in our home and could use it to purchase something in the $50,000 range. It would be considered investment property and we would charge her rent. Should we setup an LLC? What are the pros/cons of HELOC, HEL, and new mortgage? Which would be best? When calculating mortgage-payment-to-income and debt-to-income, can we add the future rent income to our current income? What can we expect when starting to shop around for a lender? Thanks, Sledge
