The family doesn’t live in NY now. They plan to buy this property and move there in a few years…in the meantime, they will rent it.
From post 4:
To the OP…I would strongly urge you to discuss college finances with your parents. Find out how much they think they can contribute towards your college costs. Yes, the family finances sound a bit complicated…and convoluted. But at the end of the day…all that really matters is how much your parents CAN and WILL be able to pay to fund your college costs.
Find that out.