To help cover my moms nursing home bills (she is private pay) I am renting out my parents former home.  I am in the process of purchasing another home to cover the gap between her monthly nursing home bill and social security.  What are others doing to help pay for nursing home expenses?

Good news, we have a tenant and they will be moving in next week.  This is fantastic and we should be able to now cover almost all of my moms nursing home expenses with rental income.  If you have any questions on how we did this let me know.

Success!  We finally closed on another property!  This one was a real nightmare because the title company did not accept my 2 power of attorney documents.  Luckily my mom was coherent enough for them to actually talk to them when they went to visit her.  I still don't think they knew what they were doing because I have used the same POA successfully with banks and the other title company.  Oh well at least we got the deal done and know I can start rehabbing the property so we can get it rented out.  Once this is done my mom should have enough monthly cash flow to cover all of her expenses as well as save some money each month.

I hope to find a tenant over the next few weeks.  This will help immensely with paying the nursing home bill each month.  With the stock market in a tail spin I believe this is the best way to protect my moms assets while generating money at the same time.