Advice Needed For Creative Financing with Family

[Misti DelMar]

Hello Pros! I'm looking for your expert advice :)

I have 2 sisters. We ALL want to start real estate investing.

By the end of 2021 or early 2022, we should all have a nice lump sum to put towards something.

I am the bravest investing sister, the other two are really afraid to go out on their own at first. So I thought, why not go in together on the first few until everyone is comfortable to go out on their own!? That's a good idea right? :)

My questions are:

• *Can 3 people have their name on a home and split the cash flow and equity 3 ways?
• *Can you use the FHA loan while going in with other people? One sister has already bought a home (also, one of us would live there for a year as per the FHA rules.)
• *If this is possible, where would we start? Call a mortgage office and see what we qualify for together? Unsure of step 1.

Any other advice you'd give me?

Thanks!!! :)