Investing w/ Adult Son-Deal Structure If He Lives In Part of MFAM

[Cheryl Ward]

Hi:

I'd love some advice on how best to structure a deal/ownership. We're new to investing and in the process of looking for our next deal. Simultaneously, our young adult son is looking for his first home. Since he's just getting started in his career, his income isn't very high yet and his pre-approval amount is a bit limited. We'd love for him to use the opportunity to start home ownership by purchasing a duplex that could later become an investment property. Is there a way to kill two birds with one stone? Since he would need to live in a portion of it, what would be a fair way to structure the ownership responsibilities/potential profit? Could he use a first time home owners' program if we're co-owners? Should we establish a period of time of co-ownership before we restructure? What else should we take into consideration? As an FYI, our primary goal would be to help him get started on his path to success and not necessarily to make a ton on this particular deal. Thank you!