Help a good friend and business owner(subject 2 etc)
I have a good friend who is self employed and has had a strong business for many years. He's run into a rough patch because of business/economic reasons largely out of his control. I do believe that his business will slowly ramp up again within 12-24 months max(but you never know for sure). He's very trustworthy and a good businessman. I'm looking for a way to help him keep a beautiful home with minimal risk to either of us, but hopefully also make a small return in the process.
TLDR version: $1M property value, approx 15-20% equity. Currently paying an interest only loan and won't be able to afford the monthly payments for the short term future because of business/economic conditions. I'm looking for a way to keep him in his current loan/home, help him to make the payments(perhaps for some % of equity or similar deal) and later have the flexibilty to either have him buy me out or I buy him out. Not sure how this deal would be structured....Any ideas?
Thanks in advance!