could you share your thoughts about refinance please?

[SheilaT]

2. What Hoppy said.

First off you want to clarify if collecting less than market value for rent actually prevents you from depreciation.

Second, you want to pin down exactly what it would cost you to refinance. For that you're going to have to talk to a bank or two.

A few months ago I had a casual talk with my bank about refinancing my home, which has 24 years left on a 30 year mortgage, and the up front closing costs I'd have to pay were such that it didn't really make financial sense for me to do that. In my case, I do live in my home and I'd want to refinance to cut the time on the loan, and that would raise my monthly payment to an uncomfortable point for me. I'm not complaining. I'm happy to be buying, and the cost of the mortgage is worth it to me.

One other question: Could your in-laws afford to pay the actual current mortgage amount? Or something a whole lot closer to it? If that could happen, you can (I hope) someday move back in yourself and it will once again be your primary home and you'll reap the associated benefits with that when you or your heirs eventually sell.