Updated almost 15 years ago on . Most recent reply
FHA & Fourplexes
My husband and I were discussing with another couple the idea of forming an LLC with them and buying a fourplex together. However, after running the numbers some more, it seems it might be better for them to try to get the loan on their own and we just manage the property while we use our capital to pursue other investments. They don't have any interest in managing the property besides picking up trash. It was our idea for the them to invest when they told us they had a decent amount saved up.
My question is - is it okay to hire a property manager while you have an FHA loan? Would it still be considered residential? No structure is different than what i know is legal - to live in a fourplex and rent out the other units, but property management is usually associated with commercial and investment properties. Thanks for any help!