Originally posted by @Paul H.:
@Chris Habets, I'm currently in the same situation as yourself two years ago. Have you had any luck and found a road map that works, I feel like I'm researching in circles. My Situation: Wanting to buy Multifamily properties, commercial or residential loan type, with Friends and Family investment. I would have some capital in the investment, and would do all the leg work in getting it off the ground for my share of the deal.
Hi Paul, I hate to disappoint but I ended up going a different route. I was confident that what I was going to do would be allowed, and would work (I even had a lawer look at it), but I was not ready to raise $100K+ in reality from friends and family. I had had roughly $40K committed when I let people know I decided against it FOR NOW, and am certainly not closing the door. I would hope to do it later, although I would probably control it through a corporation and have LPs in with the Corp being the general partner.
Instead I did it the old fashioned way - I took equity out of my existing rental property and bought a triplex in a lower-price area (Cape Breton), and am less than a month away from completing that BRRRR (I've bought, rehabbed, rented, now I need to finish the refi and start the repeat).
