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[quote=Anonymous][quote=Anonymous]About ten years ago my in-laws started buying rental properties with their home equity line. It would get self funded with renters, pay down the loan and they’d do it again. They’d also fix up and maintain the properties, file all the rental income taxes, keep things to code, etc. Single and jobless BIL, 40yo, lives near them and has no job so[b] he liked to find the renters and call himself a property manager (with his dad and mom of course).[/b]

As my husband was having one of those Retirement Funds conversations with them it turns out they put BIL’s name only on each of the $1M properties! Yet MIL manages the finances of them but perhaps all three of them have anytime access to the rental income. BIl takes month long vacations whenever he wants.

So are these cash cow properties their retirement income or a gift to jobless BIL or inheritance early for him?  Will we get an equivalent thing or is this just their socialist thing to do for little brother?

Moreover, what happens if the in laws need money for something medical or live in home support?  Will we have to go through BIL or what is going on here? They also have company stock, a DB pension plan plus SS. 
[/quote]

How much work has he done "finding renters" and as "property manager" has he actually done the bulk of the work?   Maybe this unemployed BIL has actually been working his ass off taking care of all the properties, to the point where your IL's see him as an equal partner.   You specifically mention that BIL "lives near them" which makes me think that you and your Dh do not;  so maybe you don't see how much work he is putting in.  [/quote]

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