Creative financing question

[Juan Alvarado]

Hi fellow members. Here is my question.

I’m thinking about doing a deal with my partner to pull equity from one of my rentals. The plan is to sell him one of my properties.I currently do not qualify with banks due to my income to do a cash out refi.My plan is to pull enough equity to pay him a deal fee and enough to create 3 new rentals and combine my current debt all into a 30 year mortgage payment to allow me more yearly cash flow.I will still have ownership of the rental but he will be the owner on paper. The plan is once I finish paying off the mortgage, he will deed it back to me. This is the strategy I’ve come up with. Has anyone ever done something like this ? And if you have ,does it work ? Or are there any obstacles?