Turning my childhood home on the lake into a rental property - need advice

castlebreakfast · 03-17-2026, 06:42 PM

I grew up on the lake (waterfront property, we lived there year round). My parents still live in the house. My father, who is 81 and who bought the house in '89, would like to sell the house within the next few years and use the proceeds to help fund his grandkids' college educations (the oldest is 13) and to give assistance to family members who are not well off, as well as to help fund the next chapter of his and my mom's life (perhaps a rental apartment near Boston).

However, I have long had a dream of fixing up the house (it needs a lot of work) and turning it into a rental property in order to keep it in the family so that we can enjoy it for years and hopefully decades to come. With the funds from the rentals, I plan to satisfy what my father wishes to do with the money he would earn from selling: that is, put it into funds for the grandkids' education as well as to the less fortunate relatives he had in mind, as well as helping to fund the next chapter of his and my mom's life. Obviously this funding would be a years-long process, not immediate (as it would be if he sold). And then, after we've made enough to satisfy my father's initial financial wishes, we can use the rental funds for ourselves (my 3 brothers and our families).

I have not raised this issue with my father yet. I believe he would be reluctant and irritated at first since he has his own plan for the house which I'd be suggesting an alternative to. I have told one of my 2 brothers and have not told the other (the one with 3 grandkids in early teenage years), though I would plan on doing so before telling my father.

My plan is to use some of my own savings to fix up the house and to be the point man for organizing rentals, etc. I don't think my brothers would have the time or willingness to do this, and at this point I think I'd be comfortable taking on the responsibility since it would inconvenience them to go with my plan (b/c if they went with my dad's, they'd get the money from the sale for their kids' education more immediately, whereas with my plan they'd get it gradually). One brother doesn't use the house a lot (he lives in southern NH), and the other loves the house but lives down South.

The house was purchased in '89 for about $330,000 (it's all paid off now), and is probably worth $1.4m or $1.5m now. North end of the lake, right on the water. It's a 2-floor, 3 Bed, 3 bath house with a loft space upstairs (I'm thinking it could fit a good amount of people - family or perhaps extended family - for rentals).

I live in NYC and would have to be managing it mostly from there, so I was thinking of using a property manager (perhaps going up there more often in the early years of the rental to keep tabs on things, as well as being close when renovations are happening).

If it isn't already clear, I'm very much a novice in all of this. But this is my dream and I wanted to see how feasible it is or if I sound crazy. I have a lot of memories of this place and there is no place more meaningful to me than the Lakes Region and White Mountains, and I'd love to be able to have a home there when my parents leave NH. I want the area to be a part of the rest of my life and my family members' lives. That is the primary motivation (rather than making money). What steps would you recommend, financial or otherwise? Thank you!

EDIT: Just to be clear, I don't have the financial resources to buy the house outright, otherwise I'd do so. So I would have to ask my father to pass the house over to me, or to me and my 2 brothers, or think of some other financial solution (friends have suggested that there are various loans that can be arranged in a situation like this - a loan either to me, or to my father... it's not my area of expertise so I'm not sure of the details).

03-17-2026, 06:42 PM	#1
castlebreakfast Junior Member Join Date: Aug 2020 Posts: 14 Thanks: 6 Thanked 1 Time in 1 Post	Turning my childhood home on the lake into a rental property - need advice I grew up on the lake (waterfront property, we lived there year round). My parents still live in the house. My father, who is 81 and who bought the house in '89, would like to sell the house within the next few years and use the proceeds to help fund his grandkids' college educations (the oldest is 13) and to give assistance to family members who are not well off, as well as to help fund the next chapter of his and my mom's life (perhaps a rental apartment near Boston). However, I have long had a dream of fixing up the house (it needs a lot of work) and turning it into a rental property in order to keep it in the family so that we can enjoy it for years and hopefully decades to come. With the funds from the rentals, I plan to satisfy what my father wishes to do with the money he would earn from selling: that is, put it into funds for the grandkids' education as well as to the less fortunate relatives he had in mind, as well as helping to fund the next chapter of his and my mom's life. Obviously this funding would be a years-long process, not immediate (as it would be if he sold). And then, after we've made enough to satisfy my father's initial financial wishes, we can use the rental funds for ourselves (my 3 brothers and our families). I have not raised this issue with my father yet. I believe he would be reluctant and irritated at first since he has his own plan for the house which I'd be suggesting an alternative to. I have told one of my 2 brothers and have not told the other (the one with 3 grandkids in early teenage years), though I would plan on doing so before telling my father. My plan is to use some of my own savings to fix up the house and to be the point man for organizing rentals, etc. I don't think my brothers would have the time or willingness to do this, and at this point I think I'd be comfortable taking on the responsibility since it would inconvenience them to go with my plan (b/c if they went with my dad's, they'd get the money from the sale for their kids' education more immediately, whereas with my plan they'd get it gradually). One brother doesn't use the house a lot (he lives in southern NH), and the other loves the house but lives down South. The house was purchased in '89 for about $330,000 (it's all paid off now), and is probably worth $1.4m or $1.5m now. North end of the lake, right on the water. It's a 2-floor, 3 Bed, 3 bath house with a loft space upstairs (I'm thinking it could fit a good amount of people - family or perhaps extended family - for rentals). I live in NYC and would have to be managing it mostly from there, so I was thinking of using a property manager (perhaps going up there more often in the early years of the rental to keep tabs on things, as well as being close when renovations are happening). If it isn't already clear, I'm very much a novice in all of this. But this is my dream and I wanted to see how feasible it is or if I sound crazy. I have a lot of memories of this place and there is no place more meaningful to me than the Lakes Region and White Mountains, and I'd love to be able to have a home there when my parents leave NH. I want the area to be a part of the rest of my life and my family members' lives. That is the primary motivation (rather than making money). What steps would you recommend, financial or otherwise? Thank you! EDIT: Just to be clear, I don't have the financial resources to buy the house outright, otherwise I'd do so. So I would have to ask my father to pass the house over to me, or to me and my 2 brothers, or think of some other financial solution (friends have suggested that there are various loans that can be arranged in a situation like this - a loan either to me, or to my father... it's not my area of expertise so I'm not sure of the details).