Help on structuring a deal with creative financing

[Karl Dela Cruz]

Hello Everyone,

I have found a property and would love some guidance on how to make the deal work.

The bank will not give me a loan since I am still a student but I have enough cash reserves for 20% downpayment and rehab costs on at 250k home.

To make the deal work. A partner holds the mortgage and I pay for the closing, holding and renovation costs then pull my money out once we refinance the property. The partner will also handle the renovations.

My question:

- Is this the best way to structure the deal? (Or please let me know if you have suggestions so I am not taken advantage of and capitalize in using my funds effectively)

Goal:

- I want to build a rental portfolio and acquire deals until I graduate and find a job and finally qualify for bank lending.