Buying in Los Angeles and partnering with someone

[Zhenya Levchenko]

Hello everyone,

I am new to this site and wanted to say hello. My partner and I are looking to move in together (we are currently renting), and due to very expensive rents in Los Angeles, I am considering to buy. I know the timing may not be the best, but I am giving this a thought as it looks like it would be cheaper to buy than to rent a 2 bedroom unit. 

I am looking at 2-4 unit properties in either Northeast LA or Long Beach (because it has no rent control). Is it possible to find a reasonable deal or is it just too competitive? any feedback would be greatly appreciated.

My second question: I don't really have much money saved, but I have a good job and a good credit. A friend of mine offered to give me the down payment (5%+ fees to buy) as long as she becomes a partner on the property. She would take advantage of my ability to buy as a first time home buyer. She wants us to pay mortgage 50/50 and split expenses and income from rent 50/50. I'd be living in one of the units, but she won't be. Does this arrangement sound like a good deal for both of us? How will it affect my ability to buy another property in a few years (she won't be on this loan but I would add her to the deed). My hope is to save money and hopefully move and buy another property in a couple of years... And finally, what type of paperwork/contract do we need to sign?

Thanks so much in advance!

Best,

Zhenya