FHA Loan & Partnership
I and two other partners (very good friends of mine) want to be Financially Free. Last 6 mouths we have been educating ourselves w/ real estate and building our capital. We are all putting equal cash into the deals and will share equal responsibilities of the business making us 33.3333% partners for equity+cash flow. Our strategy Is to use a FHA loan 3x in one year. Ideal every 4 months finding a new MFH (that generates A/B return for house hacking for the year) with huge upside return on the following year & rotate putting the mortgage in the next partners name and (hopefully) put the other two on the title.
Concerns & Questions...
Does the FHA Loan have Restriction against putting people on the Title and not the mortgage?
If so, is there a way around making this strategy work?
Meaning...
Such as being silent partners & gifting the closing and down payment?
And if that’s possible..
Any suggestions how we could form a legal partner agreement that would give us equal equity to home and cash flow?
Cheers,
Kyle