Second home financing in San Antonio

[Kristina Modares]

Hi BP! Me and two of my friends each want to buy property in San Antonio. We live in Austin. We are trying to figure out the best way to buy 3 properties this year because we all have other mortgages and have a mix of W2/1099 employment...probably no straightforward/cookie cutter loan options for us. We all travel to San Antonio for work and would each like a property there as a second home and for the time we aren't there, rent it out short term. But would like to buy them together and have an equal partnership with all 3 properties. What is the best way to get financing for this? Should we form an LLC and buy the 3 properties this way? Or would it be easier to each get approved on our own, buy 3 properties separately and have an agreement to show equal ownership? Our concern is we won't get approved on our own--but if we buy with an LLC, our buying options would be limited. Any advice or referrals would be much appreciated!