It is in a northern MI Downtown area (opp zone) in a county seat with 2 hospitals, had it re-zoned to mixed use, and is considered blighted which makes it eligible for MEDC funding of up to 50% of project cost.It is 8k sqft (4,000 each level) with the lower level being a walkout (top level is street level with sloped drive down to the rear of the building).

Hi,I have two BRRRR loans with Fixated Funding, both starting and closing on the same day.

Since you will be guaranteeing the loans, make sure that line item is funded appropriately. 

I suggest finding people with whom you have some type of mutual connection (e.g. know people in common, the property is in an area/neighbor where you know someone lives/grew up). 

I have partners that can help fund this project.

Hard Money typically funds 90% of the purchase price and 100% of the rehab on a draw schedule.

These lenders can be an excellent option for quicker access to funds if you're ready to move on to the next property.

I unfortunately self financed so my funds are tied up in this one house. 

Structuring the Deal with a PartnerWhile your partner cannot directly participate in the loan, there are ways to structure your arrangement to reflect your 50/50 partnership:Option 1: Post-Purchase Equity SaleYou obtain the 203(k) loan in your name as the owner-occupant.After closing, you sell your partner 50% equity in the property via a quitclaim deed or similar legal instrument.Your partnership agreement would outline each person’s roles, responsibilities, and share of profits.Note: Be mindful of FHA’s rules around title changes and ensure this doesn’t violate loan terms.Option 2: Partnership Contribution AgreementYou both contribute to the down payment and renovation costs as outlined in a partnership agreement.Your partner’s contribution could be recognized as a share of the equity in exchange for funding, services, or property management.The partnership agreement would detail how profits, responsibilities, and equity are split.Option 3: Joint Venture AgreementStructure the deal as a joint venture, where you own the property personally (required for the FHA loan), but profits and roles are split per a formal agreement.Your partner could receive equity-like compensation through profit-sharing without being on the title.3.

Partner Driven financed this project through our collaborative funding model.