First time buyer seeking council
Hello, I'm a first time buyer in KC with enough capital to cover 3.5% or 5% plus closing costs on a single family residence. Currently I'm living in a house with 4 other individuals, all young professionals... We get along great and it's been an overall positive experience. Cheap rent, the owner lives in denver, rarely stops by the house and makes some good coin off us. My goal is to create a similar living environment, but begin to collect rent instead of paying rent. In addition, I have an uncle who is willing to partner up and provide enough capital to put down 20%. With all of this being said, I'm confident in our ability to write a contract that will alleviate any partnership issues down the road. He wants to give some cash and let me run the operations, which I'm very anxious and capable of handling. I'd live in the house, bring a couple of my current roomies and fix it up for a year or two. I'm curious the benefits/negatives of purchasing real estate with a partner, considering I have the first time home buyer option on my side, however would be faced with PMI if I decide to go at it alone. We'd go with a 15 year note, and I'm confident in a break even situation..... However i think I'd go with a 30 year fixed if I go solo. Thoughts?
Thanks,
Chris