Partnering to utilize owner occupied financing
I currently have a 4 plex, duplex and live in my SFH. My rentals cash flow around $4,500 a month. I just recently purchased and rehabbed the duplex so I do not have much capital at the moment.
That being said, I have had multiple friends who have approached me about getting into real estate as they have watched me have success these past 5 years. We are all in the Chicago area and they currently rent. I am curious to know if anyone has been in a situation where they ha e partnered with someone to use their ability to get an owner occupied FHA loan on a small multi family. If so, how did you structure things and could you share your experience.
I heard the guest on this weeks podcast #348 talk about how she did this with her sister and it really had me thinking. For example, could I partner with them to buy a 4plex, they live in it and I manage it.
Any thoughts or feedback would be appreciated.