Partnership with live in partner

2 Replies

Hello,

A friend of mine is going to grad school locally. He will need housing for two years. We have considered forming a partnership, pooling our money and purchasing a rental house. Is he able to live in the rental house and pay the partnership rent?

Would the answer be different if we bought a duplex rather than a single family home?

Thank you.

It depends on the type of property, the desired rent, as well as the type of tenants, how you would manage the location payment. I don't think there is much difference between the duplex rather a SFR. If you do a single family home, how many rooms are you looking at? same for the duplex...

However, this sounds greatly interesting. Go for it.

Sounds fine to me.  I don't exactly know what your question is?  I assume you have the down payment and fees.   Perhaps you are planing on an FHA 3 /2% mortgage and your friend house hacking.   After that you both can decide  how you want him to pay, or what you want him to pay toward his renting part of the SF or duplex or tri plex or quad plex that your partnership is buying.   You will also decide whether the partnership is  going to pay him a percentage  to manage the property.  You should ask any questions on BP and probably join a real estate club/ and or real estate meet up group to further  your learning curve.   This will be a house hacking arrangement.  You will also want an exit plan so that when your friends 2 years at graduate school is finished you both will know what you want to do with the property 

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