Does anyone here invest like this?

Question

I know I am new here, but I have been completely fascinated with so many aspects of the real estate world recently, as I sit around all day waiting to hear back on a job I applied for.

Currently I am in a house that I MUST get out of! The rental possibilities here are basically non-existent.  I moved my kids from their life long school to this school two years ago, and now I can't find a place to live to keep them here.

My credit is HORRIBLE, but my finances is perfect. We have to decided to try to buy a house, but he qualifies for such a low amount, and the properties here are rising in price rapidly (great investment area, hint hint).

Does anyone here invest in distant properties for a local person to live in, work on, renovate, and then sell for shared profits? I don't even know if there is a name for this.

"Equity Sharing" is the closest thing I can come up with.

Anyone invest like this? Or know anywhere that I can get more information?

Thanks :o)

Filkins Susan · Answer

I should elaborate a bit, for anyone that invests in such a thing.

We have a chance to get a 4 apartment unit, in a great location, good schools, in a rapidly growing real estate market.

The place is gorgeous and well maintained on the outside, but I'm hearing there is some water damage on some of the walls from a roof leak.

We don't really want to live in an apartment, and actually dream of having our OWN home. However, we would be willing to live in this apartment (or two of them) for the short term to bring the building up to better repair, and then sell.

We "could" invest on our own, but we really don't want to tie up our only option in this place, as we wait for something else we have been working on that probably wont be available until next year (in forclosure, most likely).

So, we thought this might be a good way to get our feet wet in the REI world, as this is something that my fiance has been wanting to do for a long time.