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Updated about 7 years ago,
Can I purchase Condo(s) and mix funds
Question:
I have an opportunity to purchase VERY nice oceanfront condos -- 6 of them which is the entire complex. Would be purchased from family (but not prohibited family). The deal is quite attractive; however,
I'd like to use $200k of SDIRA money along with some owner non-recourse financing to purchase 1 of the 6 condos...then use my own funds to purchase and finance the other 5...each would have their own deed and be closed under separate transactions but from the same seller...is there any reason this would not work?
My goal really to keep the SDIRA condo for several years while after a year or two selling 3 of the 5 others leaving me with 2 free and clear.
I will seek the right legal counsel just looking for thoughts and input in advance.
Thanks, b