We're contemplating purchasing a small condo in MI for our daughter to live in while she goes to law school. This would be an all cash purchase, so no mortgage. If daughter is listed as a co-owner, we can save about $100 per month on property taxes. She would pay for the HOA dues, insurance and property taxes, which would still be cheaper than renting a similar unit; and we would have no expenses after the initial purchase of the unit.
However, is it better to not have her as an owner, but rent the unit to her, and then be able to deduct taxes/HOA/insurance (but also have to claim rental income)?