Updated over 7 years ago on . Most recent reply
Buying home for someone to be a rental later on
Background Story; My fiance's best friend, recently going through a bad break up, has always rented (lives with her sister, her cats, and her sister's dog), but she thinks now it may be a good idea to finally buy as rents are high and even more difficult for ones allowing pets. She herself cannot afford the closing cost and down payment; there are town homes where the HOA does not allow it to be a rental for 2 years; my thought right now is, help with the down payment of a town home, have the mortgage in her name, but i'm listed as 50% ownership, where eventually I can have a nicer rental and buy her share out, for 50 cents on the dollar. Is there any risk other than my fiance being upset in thinking i'm taking advantage of a situation of her friend.