New Investor - House Hack, BRRRR, and partnership questions

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Hi all.  New to the forums but have been listening to the podcasts for about 3 weeks.  Really excited i've found this and excited to start my journey.

I currently own a condo. Paid $117k, $10k renovations, $140k appraisal. 30 year fixed conventional loan with a balance of $110k.

My business partner just moved in with me but we want to purchase a triplex or quadplex that we can do a live-in remodel and then house hack it.

I am going to keep the condo to rent out (estimating $200 cash flow when all said and done) but want to sell half of my equity to my partner so we can manage it together like we will manage the new property together.

  1. How does splitting a property work legally if it is already in my name? I plan to have him put X amount of dollars additionally into the new property to allow him to buy into the condo. Is there something we need to do with the title or mortgage company? Or can we just create a separate legal agreement that we both own half?

My next question is in regards to financing for the multifamily. We are currently searching for something that needs work and want to combine the BRRRR strategy with a house hack. Correct me if I am wrong but because we will want to do remodeling we won't be able to initially get a conventional or FHA owner occupied loan. Is that true or is that only the case if the original property is uninhabitable? The goal is to buy a run-down property that is livable but we can force appreciation.

My plan was:

  1. Use a private lender to fund the purchase and remodel of the new property. Luckily my partners father is extremely wealthy and wants to get involved in real estate investing. Plan to structure an 18 month loan with him to do the purchase, remodel, and season the property.
  2. At this point, could we go to the bank and get a conventional owner occupied loan on the property?

I know this was long so thank you to anyone who reads and can help!

@Jordan Noble I don't want to speak out of school, but the question on your splitting ownership on the property is best answered by a title agent or real estate attorney, but I think you could have a Quit Claim Deed Prepared adding your partner as Joint Tenant (I would double check this is the best way to hold title). I would caution you from trying to set up a business entity (LLC, S-Corp., etc.) because if you move title into a business it could trigger a Due on Sale Clause.

Second Question - If the father is independently wealthy that would be probably the best way to go from a speed and flexibility stand point, but I'm not sure what the terms will look like. If you're moving into the property that has health and safety issues a regular Conventional or FHA (203b) would not be an option. But a FHA 203K would be a great option, but if you go that route make sure your lender of choice looks closely at the Self-Sufficiency and Departing Residency Guides.