u/SpookyBlackCat

My mother owns a rental property in my city. I am considering taking over management of the property from her as she's getting older and it's hard for her to do herself. However, I'm hoping to involve any potential pitfalls, so am hoping someone in a similar situation could offer advice (family owner/manager relationship).

So my biggest concern is that my mother an I have a somewhat strained relationship for various reasons, and I don't want to create a situation that adds significant stress to either of our lives. I do have two siblings, but neither of them live in the same town, nor have the time/skills to do this work.

My goal is to have all expectations and financials written out in advance to avoid any potential arguments in the future. However, I have no idea where to start in creating a management contract of this nature. Any advice?? If you're in a similar situation and have a contract with your parent, I'd love to see the details! Thanks!!!

Summary of situation:

Negatives:

• My mother is well meaning, but an elderly narcissist: she's frustrating, has a terrible memory, wants things to go her way, and doesn't understand how much things cost
• There is LOTS of potential avenues for argument, and/or me getting screwed on the financial end of things
• I would presumably take a large pay cut by quitting my job to manage the property (no I can't do both)
• She has both asked me to do this, and simultaneously doesn't think I can do it 🫠
• In general, there's lots of potential for family drama

Positives:

• The property won't need to be sold, and will stay in the family
• She doesn't live in the same city, and visits rarely
• I'll be able to repair the family property (which needs work due to deferred maintenance issues)
• I will be able to quit my stressful job, and have more time to focus on all the things I can't while working full time
• There's a lot of potential to increase revenue (provided I get the control I need to do it)
• My mother has mentioned the possibility of giving me the house as part of my inheritance (I probably want to get this in writing?)

My mother owns a rental property in my city. I am considering taking over management of the property from her as she's getting older and it's hard for her to do herself. However, I'm hoping to avoid any potential pitfalls, so am hoping someone in a similar situation could offer advice (family owner/manager relationship).

So my biggest concern is that my mother an I have a somewhat strained relationship for various reasons, and I don't want to create a situation that adds significant stress to either of our lives. I do have two siblings, but neither of them live in the same town, nor have the time/skills to do this work.

My goal is to have all expectations and financials written out in advance to avoid any potential arguments in the future. However, I have no idea where to start in creating a management contract of this nature. Any advice?? If you're in a similar situation and have a contract with your parent, I'd love to see the details! Thanks!!!

Summary of situation:

Negatives:

• My mother is well meaning, but an elderly narcissist: she's frustrating, has a terrible memory, wants things to go her way, and doesn't understand how much things cost
• There is LOTS of potential avenues for argument, and/or me getting screwed on the financial end of things
• I would presumably take a large pay cut by quitting my job to manage the property (no I can't do both)
• She has both asked me to do this, and simultaneously doesn't think I can do it 🫠
• In general, there's lots of potential for family drama

Positives:

• The property won't need to be sold, and will stay in the family
• She doesn't live in the same city, and visits rarely
• I'll be able to repair the family property (which needs work due to deferred maintenance issues)
• I will be able to quit my stressful job, and have more time to focus on all the things I can't while working full time
• There's a lot of potential to increase revenue (provided I get the control I need to do it)
• My mother has mentioned the possibility of giving me the house as part of my inheritance (I probably want to get this in writing?)