How to Borrow from, or Co-Invest with, Someone

[Patrick Camangian]

Hi all, I am new to BP and this is my first post.  I recently bought a small studio condo in Northern CA.  I first tried to partner with, or borrow from, mentors who put me through college twenty years ago on this condo.  They take pride in having helped me get out of trouble as a youth and seeing me become an educator.  They told me six months ago that they didn't want to take on that risk nor did they think I was in a financial situation to do so myself.  I made it happen myself, am very happy with the purchase, and now want to buy a one bedroom, two bathroom condo in the same building with incredible views for a very good price.  The value of condos in this building has gone up rapidly and I want to purchase this because I really believe in the investment.  The problem is that while I make enough money consulting, and through house hacking my single family home, none of the income is showing on my W2's, tax returns, or pay stubs.  I am meeting with these mentors tonight and am interested in proposing to them a strategy that makes sense, and gives them an exit strategy.  I have 10% of the downpayment and am hoping they lend me the other 10% for 45-60 days and maybe even partner up in the purchase so we can use their W2's.  Or, I need them to either buy the property outright for me to buy from them in the future, or need to partner with them somehow another way.  I am refinancing my home, and am going to pull 100-180K.  This is still short of the price of the condo.  Any ideas on how I might be able to make this happen logistically?