Hi All, 

I currently have one Duplex and I would like to buy another. Most lenders are asking for 20-25% as I am not able to move into one side myself. I have a potential partner that would like to get into Real estate but does not have much money saved. We discussed a deal of using their credit to secure the loan (10% down) but I would front all the money. Thought is we would have an LLC with an arrangement of the ownership of the property would be mine since I am fronting all the money. They would get the benefit of only paying about $500 to cover the rest of the mortgage that isn't covered by the other side of the duplex. (Net they this would be like them renting a $1000/month apt like they are currently doing and then getting $500 in cashflow. This would net me $0 in Cashflow for me for the first couple years but would be gaining the equity and in 2 years start renting it out and cash flowing about $500/month and then maybe repeat. (so kind of house hacking but with a partner). Curious if anyone has any experience with this type of partnership? Also curious on when you go to get the next mortgage in the partner's name how would that work? I am assuming the Bank sees that the mortgage is in their name and would not go for a second primary residence with the other loan having been secured previously as a primary....maybe I just need to understand house hacking more since it is more less what we would be doing I guess.... Thoughts? Thanks for the input.