Hey Family. So I got a deal on this Single family converted into a duplex. Me and another investor were supposed to￼ go in on it together. I am supposed to put up 10% of the ARV and he funds the other 65% which covers alot of the rehab and have the other 25% for the refinance. So I know him and met him for multiple times now and the house is supposed to close this friday. I can still buy the house(distressed) cash but unsure about the path to get funding for the construction portion. Should I close first then get a construction loan? <———If so should I put it in my name for easier bank funding or put in LLC? OORR Should I get a hard money lender to buy and fund the deal? Appreciate any help and funding references as well. Thanks
If the numbers work, I'd seek out hard money. You may be better off than when you had your partner.
HML should be the ticket you need. Honestly as @Greg Scott said this guy ghosting you is a favor assuming it is indeed a good deal.
HML as recommended by others here and then for the refi after rehab, see where you land cash wise after paying off the hard money. Assignment to LLC should happen before it rents out to limit your liability as a landlord.