For good or bad, my son and his fiance are moving into a rental house that I just bought. They are paying what my mortgage payment is so I am losing out on about $300 per month that I could normally charge for rent. I'm not absolutely happy about that but, it is my decision. I figure that at least it's someone I know in the house, it won't be trashed, I won't have to pay a property management fee of 10% of the rent, etc. He's also a journeyman carpenter and can take care of some small repairs and maintenance. I could use that extra income per month to replace my 25% down payment but, it helps them out too.
He's been talking about doing some things at the house that I don't want done. It was built in 1940 and has some quirky, but charming, things like a telephone niche, old decorative heating grates (not used because it has new central heat and air), and he wants to get rid of them. I could hear the letdown in his voice when I said 'no'. Then his fiance posted on Facebook that she found a stay black lab and that if she couldn't find the owners she would keep him. They aready have two tiny dogs. I texted my son, "No big dogs." and he said OK. I don't want the yard torn up or the original hardwood floors eithers.
I don't want this situation to go south on me! I know that I need to stay out of anything going on at the house that isn't any of my business, any more than if they weren't related to me. I need him to also see that just because he is my son that he can't do whatever he wants there. It's not personal if I say NO to something. I wouldn't let any other tenant do it either.
Keeping my fingers crossed that it works out well for all of us. I bought this house to retire in, hopeful retiring early at age 55 in 8 more years, so I DO have quite a stake in what happens to it. Not like it's just a rental that doesn't affect me very much.