For Tenants in Common Ownership Splits Do You Have to Live There Also?

[Ravante Babbitt]

Hello,

I'm planning on investing in a 4 unit property with my sister-in-law using her as the primary buyer qualifying for a first time homebuyers program and me providing the capital and being a co-borrower on the loan. I'm trying to find out how we can split the property with her living there for a year and me not living at the property. She will be the owner-occupier for the first year until moving out to rent that unit. So she will not have to pay any rent and just utilities for the year. I've looked into Tenants in common splits, but I can't determine if that's only with with both borrowers actually living on the property or not. Any idea if that's a requirement?