13 Bedrooms!

[Luke Glaze]

Hi Bigger Pockets Community,

I recently started talking with a colleague about doing a partnership deal on a 8000sq. ft. Italiante Victorian house with 13 bedrooms. The house is located a short distance to a small christian undergrad program that does not offer housing. The college continues to grow and the need for housing is great. This house used to be a bead a breakfast and could easily be split into 2 or 3 separate units. 

Questions:

1. If myself or my partner are willing to live in the house, can we get an owner occupied loan? Would the structure of our partnership effect that (i.e. LLC, partnership, tenants in common)?

2. Could we have a non-equity partner that could occupy the property in exchange for free rent, allowing us to achieve the owner occupied loan? 

3. anyone have experience operating a dorm style housing arrangement, like this? '

Thanks!

Luke