Gift Money for Investment Property
Hello! I'm looking to invest with little of my own money down and my parents have agreed to loan me money for the down payment of a duplex. However, the banks I've been in contact with state they do not accept 'gift money'. How do I handle 'loaned' money from parents? They aren't charging interest, so I'd just need to pay them back within 2 years.
If they were to charge me interest though, tips on how to handle that scenario as well. I'm assuming that falls under the category of private lending, but I do not have experience with that and don't know where private money falls if I'm getting a conventional loan.
Thanks in advance!