Buying First Property with a partner.

[Patrick Dundon]

Hello all,

I'm 25 and looking to purchase my first rental (multi-family) with a friend. Is the best way to do this through a LLC, or buy than transfer to an LLC, or buy and just have an umbrella policy in place?

Also, we spoke with a representative on Rocketmortage who relayed that the house we are looking at ($65,000) was deemed to high risk for them to give a loan on even if we put the normal %25 down. She cited a Fanni Mae law neither of us is aware of. The house is a family friend's and currently yields 1,600 a month and we really want to get it. Appreciate any help. 

Thanks,