<prompt> Human: Hey friends! Yesterday my dad sat me down and told me if I would consider keeping our current house and paying it off. Im 21, I am in nursing school, once I graduate from school they plan to move out of the country 2018, the house is in a great location, great subdivision too. It has 2 bathrooms, 3 rooms upstairs, and downstair is a finished basement witch include another bedroom and bathroom and small kitchen. I believe he still owes about 110,000. He pays 900 monthly on mortgage. My idea would be to keep it, take over the master room, and rent out the other 2 rooms upstairs for about 250-300 monthly, including utilities and then rent out the basement for about 400 with utilities. Hopefully I could live here practically for free, kinda I know Id still have to pay utilities as well, the idea would be to live here, save money and buy my future house, and keep this house, but keep renting it out, and hopefully make the tenants pretty much pay off the house in a couple of years. Is this a bad idea or a good idea? Please share any knowledge possible. Thanks guys! Have a good day!  <response>: You say that he owes 110,000. How much is the house worth? What is his interest rate, how many years was the original loan for, and how many years into payment is he? IF you were to do this, you would buy the house from him for what he owes. I would ONLY do this if 2 things happen: he owes a lot less than it is worth, so it is a good deal for you, and second if that is where your job will be and it is where you want to live. It could give you a great way to be a homeowner, but only if your father was reasonable.I almost did the same thing with a family member. The problem is, youre now tying yourself down in the job market, or you might have an unreasonable commute. Its also VERY important how the loan was set up. Because youll screw yourself if your father was like my family member and only thought in terms of monthly payment. I looked at the overall details of his loan, and over 10 years, he owed almost as much as the house was worth, even with inflation! 