My question involves real estate located in the State of: Michigan
Four years ago my parents purchased a HUD home (got financing from a private lender) and decided to put the deed under my name in order to get the tax refund (8% or 10,000). I signed all of the necessary papers and have lived in the home since. I have paid them the price of the loan, insurance and taxes (approx 550/mo) since that time. Recently my parents have separated and have decided that they want to use the home as a rental property (it was purchased by an LLC they own for multiple rental properties). They are planning on having a quick-claim deed done up and plan on raising my rent to 850/mo because I recently graduated college, got a good paying job and can afford it. In the past four years I have done a lot of repairs to the home and planned on making it my permanent residence but I am not sure that's a good idea with the high rent payment. My question is; with my name listed as the sole owner on the deed, can I simply tell them 'no', bite the bullet, and take out a mortgage for the cost of the home to pay their private lender?

