Due to medical reasons, my wife and I had to short sell our house. It sold in Dec of 08. With current FHA regulations, we can't qualify again until Dec 2011, or three years. My brother currently doesn't own, and can qualify to buy. We are wondering if there is an entity we could create, trust or llc, that we could both be part of to buy a home. My wife and I would pay the mortgage, but my brother would have to use his name and credit to purchase the house. Without a trust or llc, he would have it as his primary residence, and he would incur rental income taxes from the rent we would be paying him. We are just wondering if we were both part of a trust or llc, if we could avoid the rental income taxes associated with this arrangement. He currently can't afford to buy in the city he lives in, and the place we want to buy is well within his price range of affordability. Any and all advice would be appreciated.
Thanks
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