Rental in Minneapolis

[Andrew Lorei]

Hello BP,

This is my first post 😀

I am planning to purchase a college rental property by the University of Minnesota (likely on the east bank/Como area for Minnesotans). I will be partnering with one other guy on the deal. He lives in the area and would manage the property. I am out of state most of the year. 

Things to consider

1. We both have great credit but are self employed. Both of us would need a co-signer for FHA

2. We have 20k pooled to invest (enough for FHA, definitely not enough for traditional 20%)

3. We can access another 40-60k through private money 

4. Purchase price would be in the 190-270k range 

Any recommendations or ideas on the best way to structure the deal? 

*Let me know what else I can add to make it clearer

Thanks,

Andy