Partnering on our first househack

[Kevin Tarazona]

Good morning BP,

My friend and I are looking to purchase our first house hack. We have identified a market but would like to know if what we are planning is possible. I am currently active duty so I cannot purchase using an owner-occupied loan (since I won’t be living in it). We are looking to purchase the property using his name since he WILL be living in the property. Is it possible to buy in his name and have me as a co-sign since I have the steady income?

The idea is that we will go 50/50 on the deal and once we refinance put both our names on the loan.

I have looked at the Home Possible loan that allows a “gifted” down payment. Has anyone done this or something similar? If so, how did you create your operating agreement.

Thanks so much for your help!