Updated over 9 years ago on . Most recent reply
Purchasing a rental Property with my Father
I am closing on a triplex property tomorrow. The property is in my Wife and I's name. We secured it using our income/credit. My Father however is putting up a significant down-payment.
He is getting the rent off of one of the units. Basically he will own 1/3 of the property.
How can we will not be on the deed or mortgage at closing. How does he secure his interest in the property? I was thinking doing a $1 Lien? So we couldn't transact on it without his payout.
Any other ideas?