Ups and downs with a join venture on your first rental property.

[Carlos Martinez]

Hi everyone,

Planning to purchase my first multifamily property in NY, after a long waiting, bunch of showings and several offers rejected because of a higher offer placed,  I'm finally considering to do a joint venture so that we can come up with a more aggressive offer if something interesting comes up, then after certain time we can decide to either refinance or sell our part so I mentioned to the agent that I'm working with .   

A few days ago, I found a multifamily property that has the potential for a 3rd income on top of the two units. Also, my agent has someone on mind and we are going to see this property this weekend. Any advise on this process or anything that I should consider if I go this route will be appreciated.