Hi all, looking for some help. Im looking to buy a student house for my daughter and 3 friends to live in. The others will all pay rent at the prevailing rate. I am going to gift my daughter enough cash to buy 25% of the property, the rest being owned by myself (50%) and my other daughter (25%) The intention was to split the rental income proportionately. Obviously both my daughters share of the income would be tax free as thay are students and ordinarily, the rent reveived would pay the rental on the houses they are living in. My issue surrounds the rent for my one daughter who would end up living there. As we pay her rent now, it would be riddiculous for us to own the house, I then pay her rent to give back to us then be split 3 ways?? Would she just live there rent free as she co owns in any case and I get 2/3 of rent paid and my other daughter gets 1/3? Im really puzzled by this and would really appreciate some input. Fast forward a few years - when my daughters want to buy their own properties I would simply buy them out giving them the cash for their own deposit. Can you see any flaws with this plan? thanks in anticipation x
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