Chas:I'm not a lawyer, so cannot advise you.

Quote from @Benjamin Aaker: Hey @Nathan Gesner, can you tell us more about how you do guest mode?

you should come to the highest&best toy drive and REI meetup today so we can meet and chat.

If this is financing for a stabilized property rate carries more importance but rate combined with origination fees, pre-payment penalty and term in which you intend on keeping the loan in place are all considerations which together should help in deciding the best financing option.

The fact they're paying you at all is a minor miracle.

@Kase KnochenhauerNice to meet you also!

If you forget, you face massive fines.In a small partnership, you might be redoing this paperwork quite frequently. 

Since you said that this property is a townhome I imagine yours is attached to the one you are considering buying.

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

I would at least recommend you have them shop a policy for you.One thing we did note is that with hail damage to roofs, they seem to be decreasing coverage/increasing deductibles on that if ever needed.