Buy 50% of an apt from a relative vs paying rent

who would pay the months an the insurance and other costs?

How can you take out a mortgage when you do not own the place?

Have your parents give you a mortgage (seller financing) for 2%. It will be better than they will do in the banks and you will get a better rate for a mortgage than a bank

openhouse - why can't he co-sign the mortgage and just pay half of it (or pay his parents half?) Including maintenance etc.

I don't know who'd want to live with their parents but...

sounds like a recipe for a disaster..if you do it, make sure everything is business focused and written down.
if you have siblings this can get very complicated if/when your parents pass unless everything is stipulated up front.

Things to consider:
- do parents need or want the cash now?
- does the apartment fit (or not fit) their investment portfolio? yours?
- if it's a co-op, will the board allow all of this?
- if it's a co-op, how long can you rent from your parents if you don't buy?
- will mortgage interest be tax-deductible, and if so by whom?
- if you don't do a sale now, but do take a mortgage now (co-signed, as suggested above), what are the tax implications when you collect your "share" of the proceeds later -- after paying off the mortgage balance, you'll collect proceeds from selling something you don't own?

Since it is debt free, could your parents just rent it to you for what it costs them in maintenance + other carrying costs? Use the remaining monthly cash to save/invest elsewhere, and keep the debt/ownership complications to a minimum (landlord/tenant relations with your parents will be quite enough).

good luck , this sounds like a "great idea "

I love my relatives a lot, but I prefer not to have any kind of money related business with them. They are honest people and I don't think that they will try to rip me off, but I really think that if something goes wrong, it can ruin our good relationships. Same attitude I have towards close friends. Honestly, this does not seem to be a good idea at all. There are too many but in your situation. Just remember that mortgage isn’t just a simple payday loan online (http://paydayloansat.com/ ). Consider all of the circumstances and try to understand if this is your best option