Buying a duplex with my sister for a first house a good idea?

[Miguel Matos]

So I have been living abroad and will move back to Florida in about a year from now. I plan on living with the parents for a year to save up extra. By then I should have about 30k saved. I don't want to live with my parents for more than a year so I want to get a house. I talked to my sister about the idea of buying a duplex since we would have our own separate living spaces. She is also looking for a first home within the next two years. We both agreed we would be able to cut the costs down and get a home in the nicer areas of Orlando.

My sister is a TV actress and might move to Atlanta in a few years so she said she would rent out her half if she moved. I told her I was planning on doing the same once I get more properties. I also mentioned the possibility of buying out her half a few years down the road if she moves to Atlanta.

My thinking behind this to get access to a home quicker than I normally would be able to with my own money. And while we live there, I would save up and continue buying out rental properties while keeping my living expenses somewhat on the cheaper side. When I decide to finally move out, I would rent out my unit for extra cash flow. My sister isn't looking into real estate for business purposes. She just wants a place to live so I could probably buy out her half if she moves out.

[Travis DeForge]

You don't NEED to partner with your sister to buy a duplex you're planning on living in. You can use an FHA loan and put 3.5% down on a duplex, triplex or quad. You'll be able to do that for 30k no problem, and you can still rent out one of the units to your sister if you want to. Just food for thought.