Hello BP. I'm currently looking at SFR in the 80-110k range as a rental property. Problem is, as a College student, I very recently just started building credit. At the moment, I actually have no credit score/history. Additionally, aside from a paid internship I have this summer, I do not have income. Therefore, I'm not the most attractive candidate to lenders. Let's be honest, they want nothing to do with me. However, I refuse to let this stop me from beginning my REI journey. Additionally, in today's market, deals are going quick. Time to act.

I recently spoke to a mortgage broker who recommended the following: My father, who has excellent credit history, has openly told me that he would love to support me as I begin this journey - given that I provide him with a certain return, obviously. The broker thus recommended that once I find my SFR, I have my dad be the one to buy it with a conventional 30-year loan. With his credit/income, he would easily qualify. Meanwhile, aside from managing the property, renovations, tenants, etc., I focus on building my credit. Once my credit is good enough - I'm guessing a year or two down the line - I BUY the house from my dad. I believe this is called a non-arms length transaction. I'm a little confused about what this part would look like, and was wondering if anyone could shed some light. What would be my options in acquiring the property? What would financing look like? Does the fact that we're father-son affect anything in the transaction? Could we just re-finance his mortgage, but sign me on and take him off?

Overall, any advice would be appreciated. I've read just about everything on REI, but never about this particular situation.

Thanks BP!