I have a potential partner that is also looking to buy his first home. How could I structure a deal in which he is the tenant and partner?
Some of the advantages I see:
- We wouldn't need to put 20% down for a conventional investment loan.
- I may be able to capitalize on any first-time home buyer incentives he gets.
- I would trust the tenant.
- My partner would be conveniently located for updating the property.
- There would not be a rush to flip the property.
- Would I be able to collect any monthly income, or would I have to wait for sale of the property?
- What type of contract should I put together to protect myself?
Thanks in advance!