The advantages of a HELOC is that you can draw on it, pay it down, and draw on it again.

The finance person said they were going back to the drawing board.

Can the new owners atleast draw rent from them, if not evict the tenant?

I'm trying to buy a home for myself and have learned real estate draws the nastiest money grubbers.

I guess that's not something I would need to decide immediately, but it's something to keep in consideration.

I want to use my Roth funds to enter the drawing so when I win, the prize is awarded to my SDIRA and taxes are mitigated.

So I'm just trying to figure out the best way to approach this so as to be considerate to the tenant (who has lived there for 12 years), as well as to not screw myself over with not being able to move in as part of the owner occupied FHA guidelines.The tenants lease expires last may and was never renewed, which defaults to a month to month.

While I haven't shown you a path from 0 to 25 in a few years, you should be able to see that even my bungling around happened at a quick clip, and not for a ton down.Anyway, I am sure somebody more savvy than myself will draw this all out.

This agreement will outline initial contributions; how each partner/owner may (or may not) increase their contribution (and ownership); the guidelines for dissolution, succession; whether a partner may sell his/her interest (and the process, etc).You and your partner-to-be should jot down a bullet list of what you have in mind, then sit down with an attorney to draw-up the actual agreement.When it comes to property management, I like to keep it separate from the ownership agreement.  

Just have the attorney draw it up for you.