private money no interest question
I searched the forums & found many situations involving private money, but couldn't find any like this. How is private money classified/structured if there is nothing being asked for in return - no returns or interest, just giving the money? To be more clear, the private money lender would not ask for or expect any money back in the future, but simply give money with nothing in return. This money would be used to purchase residential buy & hold rental properties (most likely small multi families). It would likely cover the down payments only. Thanks for any tips & advice on this!