is there anything that prevents a person to receive rental income from a property in which they are not on the deed for but have the owners permission?
is there any paperwork that is needed?
Scenario - My brother is using my apartment for free (he is not on the deed). He has his own GE License and is thinking of renting out the apartment. I am fine with this. Can he go ahead and receive the rental income?
1 Answer from Attorneys
Yes. You can lease the property to your brother for a nominal amount (i.e. $10.00 per month) and he can sublease to the tenant. The leases should be prepared by an attorney. Otherwise he would have to be a Realtor. Aloha, Jon A. Zahaby, Esq.