Structuring and financing your first deal

[Dan Knight]

Hi all,

I am a new investor looking to find a first deal on which to cut my teeth.  I have recently come across a fourplex located near a large hospital that employs a significant number of people in a good area that seems like it might be a good first deal.

Since I am not living in the building, FHA/203K loans are out. Hard money is also out as I would need to hang on to this for longer than a couple months.

I do not currently have enough capital to put 20% down with a conventional mortgage, so I found a partner that does have the money. We agreed that he would put down the down payment and provide the financial reserves, while I provided the leg work and split 50/50.  

However, I have found out that with a conventional mortgage loan you cannot have someone else put down the down payment (gifting the money) unless they are related to you or a spouse/fiance.  

Is my only option left to syndicate from multiple people and buy the property in cash?

Thanks in advance for any input.

Dan