Parents do you have students preparing to go off to college? With college costs increasing every year does it feel like your wallet is shrinking? Well here is a simple plan to put more money back in your pocket and even take a little from Uncle Sam.

Most apartment complexes easily charge anywhere from $400-$800 per student to share an apartment with 3 other students. Instead of throwing out that money to some landlords pocket put it back in yours. Purchase a home in the city your student will be going to school. While the mortgage payment is going to be higher then this, most likely you will have 2 or 3 other rooms available for your son or daughter to rent out to their friends or other college students. What student wouldn't prefer to pay the money to live in a home that has a small yard for bbq's, larger living space, a private room and possibly a private bathroom.

Now here is the best part. You are going to need a property manager, wink, wink and you have the perfect person, your son or daughter. The IRS does not dictate how much or how little you pay your property manager and what you write off. Now since you are probably paying all or part of your child's tuition here's the way to make it a large tax write off. Pay your son/daughters tuition directly to them, this is their paycheck for being your property manager. Now they then in turn pay their tuition with this money, but you get to write it off as a property expense, plus the taxes and interest paid on the home. Now in 4 years you have probably made money on your investment to pay for a nice trip, get the money back from your students college fund or a continual source of income by renting out to other students.