FHA Loan Partnership?
Hi! I'm a newbie to Bigger Pockets, and have been getting into real estate education over the last 3-months.
I have a question about the requirements of an FHA Loan in terms of a partnership.
The scenario I have in mind outlined below:
1) A partner and myself are interested in getting started investing in the Las Vegas market
2) I currently reside in New Jersey, and my partner resides in Las Vegas
3) We'd like to be able to use an FHA loan to fund a deal in Las Vegas, but we don't know if that is allowed through a partnership
4) The scenario would be that I put down 80% of the loan value (while living in New Jersey), while my partner puts up 20% while living on the property
Has anyone ever experienced or heard about deals like this?
Let me know your thoughts and thank you!