Going 3 ways on 1 property

[Chris Pace]

I am new to REI and looking for a place to live. Me and 2 other beginner investors are thinking of buying a property in which we all live in, rehab over time, then sell for a profit. We think this ought to be a decent way to start our investing careers. We mesh well and are all generally not stupid. However I think only 1 of us can qualify for a loan. We all plan on putting in equal parts for a down payment, and we all understand that whatever we decide needs to be in writing under contract of some sort. Is this a good idea? Does anyone have any kind of experience with this sort of thing? Any thoughts or suggestions are very welcome. Thanks for reading! Happy new year!