Structuring a partnership

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I have a friend who also wants to invest in real estate, but doesn’t have the time, so they said that they would be willing to finance the down payment and rehab costs. He doesn’t want to own long term, just wants a good return on the money, and I want to build a portfolio of single family houses. What would be the best way to structure this? Should we both be on the mortgage until we can do a cash out refinance? Or should it just be me, and then he would take a second position? Any other good way to do it? Thanks

@Jay Black I would keep it simple. If he is going to be an owner than he should be on any mortgage. 

If he is just going to be a lender then he should not be on the first mortgage.  However the first mortgage may not allow you to have a second mortgage.