house hacking partners
Hello,
I recently had the idea to take up a partner in my start up real estate venture. I love the idea of house hacking. It is an awesome low cost way to get into real estate. Problem is i dont have much capital and I already have a home with an FHA loan. I had an idea to get someone I know close to me to buy a duplex or triplex with an FHA loan and I help them with the down payment. We can rent out other other parts and force appreciation. Then we can collect cash flow and when we sale make a decent profit and split 50/50. Do this sound like a good idea and what could I do to protect myself when it comes to legal ownership? I was thinking just have the loan in their name but the deed in both names?