OPM Sources for 1st Buy & Hold Partnership

[Gabrielle E.]

Wholesaling has given me the opportunity to form relationships with RE investors in my area. One of the investors that I've sold properties for as a wholesaler is now offering me the opportunity to partner with him to get started with purchasing my own buy & hold deals. Here's how we'd structure the deal:

• He will use his private lender to fund the deal and put both of our names on the loan so that I can begin to build a relationship with his lender
• Both of our names will be on the deed
• I'll bring $10-20k to the table for closing costs, holding fees while finding a tenant, cosmetic work, etc.
• I will manage the tenant directly while he advises me through any difficulties
• Profits are split 50/50

I think this will be a great way for me to get started as a buy & hold investor and learn the ropes from an experienced landlord and I want to use other people's money to bring my $20k to the table. I don't have a primary residence yet so I can't get a Home Equity Line of Credit (HELOC) and I'm hesitant to get a line of credit before I purchase my first primary residence in 2017. Any suggestions for creative ways to come up with $20k versus using my own money?