<prompt> Human: Hi guys. Not new to reddit but new to posting.Our parents own property out of state and they want to gift them to us. However, I have no clue if what they suggest will be a good idea financially for me and my immediate family. Spouse and I just bought a home one year ago and mortgagetaxesinsescrow is a little under 4kmonth. We are able to afford this comfortably.The property they want to give me specifically was bought around 20042005 newly built on a 30 year mortgage. Theres about 16 years left and a little under 100k due on the loan. From what I understand, the value of the property is now around 240k almost 100k over original purchase price. They are suggesting that I and my spouse, if we wish be added to the title. They want me to refinance the mortgage and take their names off, essentially making it officially mine. They also suggested to refinance to a 10 year loan so that by the time its paid off, Ill still be young enough to enjoy it. All their properties are rentalincome properties. The scenario would be similar for my siblings. Parents claim that the rent currently charged is taking in 300month in income bc the initial balance is used to pay the mortgage due. They suggest we can go through third parties for maintenance and use the extra income to pay for any repairs along the way. They also suggested hiring an agent to look for renters if the leases are not renewed. Pretty much reassuring meus that the time and effort will be worth the investment.I think they want to give me the property now so they can relieve some stress from all the homes they are currently managing. If I dont take it, I think they will sell it.What Im concerned about is whether or not this is how we should go about transferring the title over in the first place. In addition, I know nothing about the costsfees associated with taking on a second mortgage. How will it affect me if my spouse opts out and I am the only one interested in putting the property under my name only? Also, how will my credit or filing for taxes be affected? Sure, there are renters now but if anything goes wrong, I would essentially be on the hook for getting things fixedpaying the mortgage. Yes, agents would check renters credit, etc. but Im always scared of things going wrong. Ive managed property for them before and tbh, I hated being a landlord but at that time, I was managing directly. Would it be a different story if I had people helping out? What am I overlooking that I should be taking into consideration? Most importantly, since we just bought a new house, I dont want anything to happen to our current home should something go terribly wrong. We probably could afford the additional mortgage but we dont want to be put under that kind of strain. We also want kids in the next few years and not sure how that would affect our financial situation. Any advice would be appreciated.TLDR: Parents want to give me an out of state home that has 16 years left on the mortgage. Not sure if this is a smart financial decision to make.  <response>: This could be them being very generous.How would they feel if you turned around and sold it, paid off the mortgage and pocketed the equity? The rental option sounds potentially viable, but I wouldnt want to own a rental property that I couldnt liquidate if it wasnt working for me financially. On the surface seems that the rent on a 240K house ought to easily justify a 100K investment but markets vary as do appraisals.Saying they want you to be young enough to enjoy it sounds like they might have other expectations. Do you have some unstated desire to move into that house 10 years from now? Sounds like you already have a life.Also just to be clear...putting the mortgage 100 in your name wont make the house yours. Thats done via filing a deed. 