Partnership or LLC & House Hacking

[Jeffrey Xenakis]

Hi All,

I am just starting out and looking to get some insight. My plan is to cash out refi my current home to take about $80k out to purchase a rental property with a good friend/partner. We will be looking to purchase a 4 family home and my partner will occupy one of the units. My question is, will we be able to qualify for a owner occupied mortgage if only one of us is planning on living there but we will both be on the mortgage and deed? Also would we be able to create an LLC and get an owner occupied mortgage in the name of the LLC instead? Please let me know if there will be any other issues that I am not thinking of as well with this plan.

Thanks,

JX