<prompt> Human: More info...The house is a two family house and both apartments are rented. The tenants rent is enough to pay the mortgage and a extra 500 so he says but I dont think its true. I think he either breaks even or makes a extra 100 a month. The house isnt in need of any major repairs its actually in pretty good shape and if something were to go wrong I would be able to fix myself as long as it isnt anything major. I dont make allot of money but I do have 10k saved which he said I would need about 5k to take over the lease of the house. I am super nervous as this would be my first owned home. Any questions feel free to ask. I just need some advice as to what I would be getting myself into and if I should do it.I live in New Jersey by the way...thanks!Edit 1: Thank you all for the wonderful replies. I was not expecting so much advice from my post and I am very grateful for each and ever post on my thread. I have learned so much from you guys and I really appreciate it.I will sit down with him probably this Spring when he comes to visit He lives in Texas and ask him all the questions you guys provided me. Thank you all and wish me luck!  <response>: How much is the mortgage on the home?How long is left on the mortgage?Is the mortgage recourse or non-recourse?Why do you have to pay 5k to take over the lease of the house?What is your fathers adjusted basis in the home?Do you want to keep the home to rent out, or do you want to sell it? 