Let me know if this would work

[Max Guerrero]

Hi all! I’ve got this idea bouncing around in my head but do know if it will work. Here goes...

I’ve been looking into investing outside of the state I live in (WA) and in the state I grew up (UT). All my family and friends live there and I have a good idea of where I want to invest (college town where you can rent out individual rooms). My question is when it comes to financing it through a Fannie/Freddie loan. I want to avoid the investment property 15-20% down. I’d have a family member co sign and live in the property for at least one year. He would help me with on site management, I would help him with low rent. I would then re-fi after the year and get them off the loan.

Would this work?