Cash Out Refinance with a partner
My friend is picking up steam in his REI career and he called me today. He purchased a house that he used private money to get, and he planned on using the BRRR strategy to get his investor's money back. He hasn't started the rehab yet, and he found out today that he wouldn't be able to do a cash out refinance because he recently quit his job to pursue his real estate career.
So he wanted to know if I wanted to buy it. Currently I am looking for a house to BRRR and I wanted to know from the BP community, what's the smart play here? Is there a way for me to partner with him and use my credit and income in order to do a cash out refi? If I buy it he is going to have to mark it up so he can make some cash and pay back his lender.
I don't know the numbers on the deal yet but I figured this would be a great opportunity to get some input from everyone here. What are your thoughts?