FHA Loan for Investment?
My friend and I are saving for our first investment property together... We have an LLC set up and are ready to go.
He has never bought a home before... Is there anyway that he could purchase the property (in order to use an FHA loan) and live in it for a year BUT have both of us own it? I know that FHA loans are only for individuals so an LLC couldn't purchase it, but we're wondering if there is anyway between the 2 of us to buy the home together and him get access to the loan? We would obviously share the cost of actually purchasing it... Just trying to see if there is a way that we can take advantage of having an FHA loan available to us?