Cleveland House Hack Financing Options

[Jason Howard]

Hello Everyone,

I am new to BP forums, but I've been listening to BP podcasts on YouTube and reading their books for over a year now. With that said, I am ready to jump into REI and get my first deal. I am looking to purchase a duplex/small multifamily property on the West side of Cleveland for under $60,000 to house hack. The first issue I am running into is securing a source of financing. I have about $15k saved up that I can invest with, but because I am a college student with student loans and irregular income, I do not qualify for conventional mortgages or an FHA loan.

What are my best options for financing the rest of the purchase? Is it possible to use my funds for the down payment and repairs and have a different individual who qualifies for a conventional loan (like a relative) secure a mortgage? If so, how do I structure that arrangement so I retain ownership of the property, and what incentives (equity, cash flow, one-time fee, etc.) should I offer to the individual for securing a mortgage in my place? If this is not a great option, what are some better ones?