I am renting the house to someone for $1500/mo. (paying 13% to a property Manager to look after it).
They want to buy it on Rent-to-Own basis. How much would be fair to ask? For instance: 1% down payment, then $2, 000/mo for rent, of which $300/month to go against total purchase price? Since I do not live there, I'll have to pay tax on the income. If I register small business (small proprietorship) and claim the expense to run the place against income, would that be better option? I live in BC, Canada.
Any other advice regarding this is welcome.
Thanks