@Roy N. @JJ Conway @Chris Mason
So...spoke with my business partner. The whole therapy thing isn't going to work; not feasible.
My buddy's god-son worked out with us at the gym today. I had an idea hit me. Would it be possible for the god-son to sign as a co-borrower with me and have my buddy sign as a guarantor? Tried to be creative with this, but not sure if its going to work; hence why I'm asking. The god-son has solid income but is fairly young, doesn't have established credit history and hasn't had his construction job for a two full years yet. My buddy has poor credit, but has a solid work history and income of 10 years at the same job.
So my idea is this...the god-son could live in the 3rd unit upstairs, my buddy and I in the 2nd unit and rent the first level out once it gets fixed up. We would have three incomes to work off of. The main issue would be who's on the title, as my buddy wouldn't be. We'd have to figure out a way to handle that in conjunction with the god-son.
With my solid work history and good credit, the god-son's limited work history and no credit, and my buddy's extensive work history and poor credit (as guarantor; if even possible due to poor credit)...do we have much of a shot or no? This property that we're eyeing is one of those rare finds. I want to try and work every angle I can to get us qualified to get pre-approved for it while we still can, before its snatched off the market.