Qualifying for FHA on Duplex While Still Sharing Equity
So myself and my business partner are looking to take advantage of the low capital requirement of an FHA loan on a duplex. I plan on applying and if granted the loan I also plan on living in one of the units for atleast a year. My partner is putting up half the down payment and our goal is to split equity. What is a legal way for both of us to benefit from the ROE while still getting the mortgage in my name for the FHA? (He already used his on a home). My initial thought is transferring to llc but I've heard of "due on sale" clauses presenting an obstacle.