I currently live in a single-family primary residence.

Non-payment of rent is always the path of least resistance to get someone out in a somewhat timely manner.

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.

The vibe of Biddeford has gone from burning garbage in a decimated downtown, to boutique hotel and trendy restaurants in very few years.The apartments in town were built for mill workers a long time ago.  

New build maybe a bit aggressive getting into real estate unless you have a builder as a partner in a deal to see the full steps or stages that go into new builds.Why new build?

But properties priced and marketed appropriately can still go under contract in a matter of days.

You decided to invest in a property in a low income market.

I am a contractor and we live in a great neighborhood so the house would be a great investment if we can purchase at the right price. as it sits the house is prob worth 100-150k.

Quote from @Jared Leggett: Quote from @Corey Conklin: I know that moving away from home isn't what anyone really wants to do but in your situation it would absolutely change your life, financially (and for the better) if you left.Again, I don't know your situation but I can tell you that a sanitation worker in a small town in Kansas (town of about 12,000 people) makes more money than you do living in NYC.

Here are title cost numbers from my last deal in Lake Oswego ($625k sales price):Title agent fee: $1100Owner's title policy: $1425Recording fee: $350MERS: $25There may be transfer taxes depending on what county the property is in, as well.Chris