I am investigating ways to get started in real estate investment. I am contemplating working together with my younger brother. My brother purchased a condominium about a year ago and we have fixed it up quite a bit over last few months. My thoughts are moving forward that we could sell that condo for a decent profit potentially and then purchase a distressed single family, utilizing my brother as an owner occupant. We both have adequate construction experience and would do the rehab work ourselves. Our goal is to try and do a couple flips first to establish some capital and then invest in some buy and hold. Questions are:
Are there benefits from a loan down payment standpoint?
If owner occupant, what are rules for how long you have to live in the property?
Which type of loan should we focus on?
Would I be able to use my own cash to also help with the down payment and rehab costs if it is his loan for owner occupant?
Is starting a partnership entity a good idea, or better to wait until we have completed more investments?
Any other general advice or recommendations?
