Partnering
I'm about ready to finally jump into this real estate investing. Eventually we all realize that we all do not have the sufficient funds when first starting out to do a deal. Thats where bank loans and things like that come in. Well I am building a team who's just as ready as I am to start investing into something that will create wealth for us. One of my partners is coming up with a lot of cash from his work. He has been working at his job for about 2 years. (The minimum amount of time I am told to have making income in one profession before you can purchase a home.) I myself have issues staying at a job that I don't enjoy for that long. I have more of an.. "entrepreneurial spirit". My question is, if my partner and I decide to invest in, lets say....a condo, as partners, how will that work? Do the same rules apply for getting a home as it does for wanting to become a landlord? If I have good credit and my partner has the cash and the minimum 2 years of one job profession, can we get a deal that way? Will the both of our names be on the paper work, or just one of us? Any feedback will help.
Thank you.