Hi All,Tax question coming up!I recently purchased a property with a friend, all the costs were split 50/50 (Purchase, Rehab, closing and etc) However, the property was purchased under my name only.  Considering the p...

Are the cracks just along the mortar joints?  

we have almost 10 loans each. we made the (unknowingly at the time) mistake to close on a few jointly, so they appear on both's record and count against the 10.

Personally I dont believe in 401ks. if you put that 13% in a joint savings, after a year or so you can use that to start your real estate campaign which will eventually become your 401k.  

Hey @Stephen Talaber ,Here is another conversation about securing your position in a joint venture.  

I understand that the house would have to be in my name to protect myself, and check to make sure he has a track record of success.Hi Jim,First of all Toledo is a great market ;)I have done quite a few joint ventures over the past 4 years.I never used any of mine my own funds and was just interested in working with money partners.

Regarding her lack of employment, that will not count against her if you apply joint, it would be looked at the same as if she were a homemaker.I would suggest you find a good originator to work with and start by applying jointly.

Hopefully can get to know them well enough where you can joint venture on your first rehab- that's when you'll learn the most.  

It seems as if a Joint Venture Agreement or an LLC with Operating Agreement would work best?

Talk with the tenant about the next step: either to go through a qualifying process for the extra person(s) to become a tenant, jointly and severally liable on the agreement, or see to it that the person(s) moves out as soon as possible.