Advice for my first deal.

[Neil Watson]

Hey everybody! I am a young guy looking to get into real estate investing and for the past 5 months or so I have been doing my research. I think I'm finally ready to look for my first deal. I am planning to purchase a multi-family unit which I think will offer me the best return for my buck but my credit is in the 650 range and I know lending standards are pretty tight right now. I do have a family friend that has excellent credit and was wondering if I can get some advice on how to structure this deal. I am thinking the best way to go about this would be to use my cash as the down payment and have my "uncle" get the loan in his name. My questions are:

1. Will I be able to get my name on the loan as well as a way to build my credit in the meantime so that I wont need my "uncle" for my next deal?

2. If not, can I maintain control over the property by putting my name on the title along with my uncle? (I don't think we will have problems but better safe than sorry)

3. What kind of incentive should I give to my "uncle" for allowing me to use his credit? I will be doing all of the work in terms of management, finding the deal, finding tenants etc. He will ONLY be getting the mortgage for me.

4. Would I be able to re-finance the property when the time comes if I am only on the title or would he have to do it and give me the cash?

Any insight would be appreciated!