Hello all, I am a newer member of bigger pockets and am very excited to get into the real estate game. I have read a few of Brandon's books and am currently reading Brandon's low and no money down book when I had a brainstorm. I am in my early 20s living in California and realize that the market here is very competitive and expensive. My father owns his home and has an extra separate lot that are both in a very nice location. I wanted to brainstorm an idea where I could build on his lot so it would benefit both of us. I was wondering if I would be able to use a FHA loan to build a duplex on the lot. We would then live together in one of the units for one yr and rent the other unit out as well as his home that he is living in currently. I would assume that this would give plenty of offset and create a positive cash flow. I would then let him take more of the cashflow until he eventually gets old and passes the properties onto me. Does this seem like a solid idea? He has also mentioned I would be able to take a home equity loan from his current home to help. My main concern would be to put all the financial Burdon on myself. If anyone has any suggestions about this idea pls let me know and please excuse me as I am new to real-estate and not familiar with all the terms.
Some potential ideas for the new home would be a mobile home unit or one of those home depot home kits.
