My family and I are looking to move between January- April of 2025 and we bought our current house pre 2020 so we have a large chunk of money in equity, we really have 3 options on our plate. A short back story is a long term friend and co worker and I have been talking for a year about getting in to rentals (his parents own 12). Him and I would be 50/50 as we are both a little shy of that much financial responsibility to start alone. so our options so far are....
-Move and use all the equity towards our next house and stay out of rentals?
-Move and split my equity 50% our personal house/ 50% on a rental? (this would cover my half of the rentals mortgage)
-Move and use my equity to pay 100% of the rental mortgage and use the rest towards my personal house?
I understand some of the pros and cons of going in to business with friends and family but we are both worried of taking the solo leap into rentals. We are in good and respectable careers so I am not worried about him defaulting on his half. I also understand id be splitting the reward/ rent but that's why I think if I can pay 50% with him or 100% alone then is minimizes a lot of my risk. cast your vote and help me out, ahah I'm new here and to the world or real-estate so take it easy on me please.
