Should we buy?

Hello, my parents own a home in northwest Florida that is sitting on the market empty. I am about to rent the house but only for about 7 months while my husband is away on military duty. My question is this. They are willing to sell us the house for 200,000 because they really need to sell, I am very confident that in the long term the value will increase, so I see it as a long term investment. However I am so afraid of it killing us financially. Like what if it doesnt rent out while we are away. I am very uninformed about anything to do with the housing market, sales or rental, so any advice would be so greatly appreciated. It is also important to note, I think, that we currently have no debt at all, not even auto debt. But we do have 4 children. Thanks, and sorry if this is worded like a first grader wrote it.

1. If the house could be rented out to cover the mortgage then you or your parents just rent it after you leave and this might be a nice investment with positive income.
2. If the mortgage cost is much higher than rent, then you would have to cover that difference every month, if you owned the house. You should do a quick calculation and see if you could afford this extra money.
3. You should also take a look at the housing market in that area. There might be a reason while that house is sitting empty, like dropping prices, too many sellers, etc. If you check the news, housing is not expected to do well for a long while.

That's a tough one. The Florida real estate market is in a down trend now and who knows how long that will last. Being an absentee landlord is also loaded with problems. If I were in your shoes I would pass.

wait 6 months, and then decide , patience is the order of the day, eat cheap, stop all stuped spending, live as frucal as you can, no credit cards or other debt, tell the children this too., tell them its for their better future down the road, no trying to keep up with the joneses either, find all food help organizations you can, and yoga every day for the hold family, for a quite hour as family, calm peace is the order of the day, kids at quiet study and reflexions. less other hypr evening activities, less commercial interriruptions in your familys head , quiet cards and games with family, simple times of yoga and a quiet looking at the sky with the family for a hour , because love can be in a loving place and small apartments and a nice older house of not perfect site but something you can grow in to, the best house may be the house that looks lonely , but give it hope......................bye