Rent to own
The market in my area is still very slow. I have moved out of my house and have it on the market. After 4 months, There have been several open houses, no individual showings and no offers. There are houses in my town in the same price range that are approaching 1 year on the market. I have been approached about someone wanting to rent to own my house.
One big hang up is that It is costing me $1000 per month for the mort/taxes/ins for this house, and they can only afford about $700 per month for rent. That means it will still cost me $300 per month to carry the house. It is better than $1000 per month.
My main question is, is there some kind of write-off or other tax issues with the $300 I still have to pay each month? I am assuming that I will be able to write-off the interest and taxes as usual, as well as being able to depriciate the house? also, is the $300 a month I have to pay that is not being covered by the rent a business loss?