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Investors & landlords
Either you mean you own half the house, unit 2 or you mean you own half of the whole house. Let's look at this.
If your son bought unit 1, he just bought a house and its out of this equation.
If you all own the whole house, this will get messy. I am guessing the units are different sizes if you both own the whole unit. This is a relative living in the house for below rent, that is managing the complex, and an owner.
Unit 1 is for the personal use of the owners. Nobody is renting unit 1. Owners don't rent their own house. You don't buy a house, get a mortgage and then pay rent to someone else.
Unit 2 - this is all that is left for you to co-own. Add up rent and expenses and divide by your share.
So, for simplicity, let's say unit 2 is twice the size of unit 1. Then your son owns his whole unit plus 1/3 of unit 2 while you own 2/3 of unit 2.
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