I'm discussing with a friend possible ways for us to pool our resources and start investing real estate together. We want to eventually start buying multifamily property, moving into it, and then renting out the other units.
I know as an individual you can get a primary domicile type of mortgage if you live in the property for a period of time and rent out the other units. If we form an LLP/LLC for the legal and business protections, can we still buy the property in this manner if one of us lives in it?
If yes, since there are two of us, could we have one property, live in it, buy a new property, and then have the other partner move into the other property (inhabiting it) and have that count as another primary domicile as opposed to a rental?
Also, I'm active duty military as of right now. Any insight into how VA loans could be involved would be helpful!
@Kevin Krato I see you are new to Bigger Pockets. Welcome! If you complete your profile and add a good photo of yourself it will be easier to network.
It will help you to know there are many BP forums available on a wide variety of subjects. You posted in the Renter's Discussion forum, which isn't the best fit. Many people erroneously post in the Renter's Discussion forum.
Renter's Discussion: "This is the forum for renters who are looking for advice in dealing with their landlord. Ask questions about dealing with landlords, leases, tenant rights and other important issues."
Under the Community Tab you will find Forum Categories and you can check them out to find the best forum for your questions.
Also, if you use the search feature, you can often find threads where a topic that interests you has been discussed. To find the search box, click on the magnifying glass at the top of the page.
Hope this helps!
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