One thing I will ask is that they carry an insurance policy to cover damages to the house and make myself the beneficiary...in the event that they move out with the house trashed.

Now evaluate at what interest rates are you able to encumber the two assets (property and equiptment), currently the real estate rates are very inexpensive and if you were to obtain a seperate loan with a higher interest rate that increases your carrying costs which is adverse to your business.It also alters your ability to pay evaluation when you go for a second location.

@Matt GeertsIt's going to depend on the lender ... they all have their own internal policies and they are all fluid.When I bought a place with my sister-in-law a few years ago, I carried all the financing.  

@Jason Fraser Given that winter here can start as early as October (though infrequent) and stays until April, we have little choice but to carry out renovations in the winter. ;-) Naturally we avoid outside work in the winter as it if far more expensive {heated building surrounds} and uncomfortable to carry out.

My card is called Cashback Bonus Cash back is a nice teaser but discovers rates are really high, probably 11.99 to 18.99% if you're carrying balance it's very rare to get 7.99 to 8.99 fixed from a credit card and even more rare to be able to utilize a cash advance on the entire balance up to the credit limits (50k for some credit unions) while most credit cards like my chase freedom which limits their cash advance to 4000 out of the 20,000 limit.

I would only consider doing this if I already screwed up myself by carrying the tenant too long.

I would obviously be the one carrying the loan and at the end we would split the profit 50/50.My question is whether or not anyone on bigger pockets has done this kind of deal before, and if so, is there anything that I should be aware of?

Main sill (beam) needs to be removed and replaced though as it is carrying weight of the walls and home.But, it’s never just 1.  

. $5,000 down with $65k...owner carried the note for $60k at 5% interest for 60-months. $3,900 or so out-of-pocket at closing (settlement attached).

I have a plan, and less fear than is probably healthy to carry it out.