Buying Property Strategy
Hi,
I have been asked if I would be interested in the following strategy to have properties in my portfolio. I am looking for advice how to go about doing this.
Someone I know wants to purchase a property with a mortgage, fix it and sell it to me leaving me with a cash flowing property. We are thinking I would then get a mortgage and he would do a seller finance for the down payment. He is also looking to have money in his pocket after selling me the property to do it all over again. I would think this is something that other investors do. I know there are a lot of holes here that we need to fill to make sure we can do something like this smoothly. Any advice would be greatly appreciated.
Thank you
Jon