Partnerships

[Joe Camarillo]

Hi All, 

I have been doing much research between a partner and I, and have a pretty good plan of what we want to achieve with our RE goals. He brings just as much to the table as I do in regards to money, experience, and expertise. He currently owns a couple of business (Liberty tax and amazon store front), however does not make as much as I do on his W-2, for various reasons. We have talked about qualifying me for an FHA loan using my W-2, and then having a contract between him and I after the loan has been given, holding us both liable and responsible for the property/loan. Has anyone had experience with this type of partnership? benefits? downfalls? Pros/cons? And what routes to take in getting the contract? I imagine we would need to contact a RE lawyer to back the contract.

Any information would be much appreciated!

Thank you!