Always formalize the agreement in writing to define costs, profits, and contingencies clearly.Let me know if you need help structuring the deal or exploring funding options.Best,Drago

They provide real-time access to credit reports from major bureaus—Experian, TransUnion, and Equifax—without affecting the consumer's credit score.Setup Process:Application Submission: Complete a formal application through Soft Pull Solutions.Documentation: Provide necessary documents, such as proof of business operations and compliance with legal requirements.Website Review: Undergo a review of your business website to verify services and permissible purposes for pulling credit reports.Onsite Inspection: An inspection of your business premises may be conducted to ensure secure handling of credit information.This process ensures compliance with legal standards and typically takes a few days to complete.

I insist that you complete the Task you were hired for with NO further compensation and I've also written a formal complaint to the "Board of Bar Overseers" over this matter!

With a lease many times over time landlords are not formal and communication is oral, txt, email, etc.

@Connor Williams yeah, what the above posts stated but it's formally called "Forward Commitment" when a builder does it (if you want to google more on it).  

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.

If the lender used your credit report as part of the decision, they should also include details about the credit reporting agency.It’s worth following up with the lender to formally request this denial letter and ensure they’re compliant.

Live in one unit and rent out the others to cover your mortgage.Seller Financing: Negotiate terms with the property seller where they act as the lender, often requiring a smaller down payment and bypassing traditional underwriting.Partnerships or Joint Ventures: Partner with an investor who provides the capital in exchange for a share of the property’s equity or income.Lease Options: Use a rent-to-own agreement, which allows you to control the property while saving for a formal purchase.BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat): Acquire a distressed property with short-term financing, rehab it to increase value, rent it out, and refinance to recoup your initial investment.Pro TipStay in close communication with your lender as you approach your next purchase.

Property Appraisal and UnderwritingDo you require a formal appraisal or just a broker price opinion (BPO)?

If you operate as a separate business entity - S-corp, C-corp or a partnership - you may be required to have formal compensation for yourself: either a W-2 salary or so-called guaranteed payments.