Buying a rental property using OPM for down payment

[Jose Barberi]

Hello BP members, I would like your opinion / experience on the below investing idea:

I want to buy a rental property but don't have the 20% down payment the bank requires for me to get approved for the loan. I already have a conventional loan with my primary residence (purchased less than a year ago) so I will have to go the 20% route to get financing.

A family relative is willing to put the down payment from his funds if I am willing to get the loan and be responsible for it. Both of us would be in the title and also would pay for the mortgage, maintenance, etc.

The money after expenses would be divided 50/50 between us.

Is this possible in terms of financing, legal point of view?

Thanks for your comments.