Buy a triplex with a partner

2 Replies

Good day BiggerPockets community,

The Background:  I am looking to purchase a triplex and I have found a partner to go in with me.  I do not plan on using it as a primary residence but my partner does.  we are splitting costs and the down payment.

The question: since it will be my partner's primary residence (but not mine), can we still apply for the FHA? If that is possible and my partner wants to leave in two years, will that affect the loan? How does this affect ownership of the property?

Thanks in advance for any insight!


I believe that with an FHA you only have to owner occupy for a year. As far as working with a partner... That is kind of a strange situation to split with someone who wants to owner occupy. Do they not have the down payment funds? Are they going to pay market rent? If they get to live for free what do you get out of the deal?

I am covering the downpayment, they would live for free. The hope is that I could utilize the FHA and avoid the normal %25 down payment for a triplex. After 2 years, I would assume full ownership of the property in exchange for the 2 years rent free (although partner will pay principle off while there). It's a great place, but I can't swing the bigger downpayment and my partner needs cheap/free rent....that's basically what it boils down to.

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