Plymouth, MA · Member since 2020 · 15 posts · 4 votes
Hello all. I am looking to purchase a 2-3 family house to house hack using an FHA loan. I am wondering if anyone has done this but with a partner that would invest some money into the upfront costs (down payment, closing costs, repairs, etc). They would not live there and the payment would be in the form of a "gift" as it is a family member. In my market, there is little to no deals that could cashflow at all until I moved out. My question is has anyone structured a partnership in this scenario? My thought would be to split equity but I'm not sure how this would work. Thanks!
Plymouth, MA · Member since 2020 · 15 posts · 4 votes
4y
@Nicholas L. It would be in the form of a gift for FHA, but in reality would be an investment for the giver, basically we would just be splitting the out of pocket costs
Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
4y
@Brendan Dwyer I would find out when you can put the property in the name of an LLC and then you and the partner own a portion of the LLC. It might vary by state so ask a lawyer in your state.