Partnering on a property, Splitting a mortgage and title??HELP!!!

[Rebecca Cramer]

Hi everyone! So,  I did so well with my first investment property (we bought low in Ocean City Maryland, put a lot of sweat equity into it, and rent it out on airbnb ) my parents want to partner with us to do a second investment property! Its really exciting because this enables us to get another water front property! So I'm sooooo new to all this. So our primary residence is under my name, our second home (Ocean City Beach House) is under my husband name. Both are traditional mortgages. For this new investment we are going in on it 50/50 with my parents. They have one mortgage with their primary residence. What are our options? What is best? Can we get a traditional mortgage between the four of us? DOes it have to be an investment loan (putting 20% down) because we may want to keep some of the money to put more into the renovations. We would like to do a traditional loan to get a better interest rate and have the option to put less than 20%. Should we find another mortgage company than who we had for our first two properties? Thanks for any help or direction!