Structuring a first deal

[Tyler Underdahl]

Details- he has a property appraised at $356k. He wants to refinance and take out 90% to put down on another house. He has it rented out now on a 2 yr contract. 2 months into the contract. After the refinance with rent coming in he would be making $300 a month. 

We’ve talked about doing smaller deals but he wants me in on this. I just purchased a house and I don’t think I could get approved on a new loan with him. He is active duty military and my get stationed out east. We are in the Denver market. 

Is there a way to get involved with him on the loan by him self, and me as a business partner. Or is this just not a good deal for me to start on?