You can use any contract that is legal in the state.

Michael Spindler, FNMA/FMAC Guidelines are 10 max.

I don't think the guidelines matter if the buyer isn't being financed.

And legal entanglements will follow.If they have a significant portfolio, and this is one small chunk of their money, then it might be something to consider.I have done deals as a lender where the borrower did borrow a small portion of the deal to cover their part.

I assume I need to make sure it's legal and can be counted as a bedroom?

Three added considerations:1. know the laws2. seek legal advice from an attorney3.

Contract Law 101No contract exists without consideration from both parties.Legal Elements of a ContractThe essential elements necessary to form a binding contract are usually described as: • An Offer• An Acceptance in strict compliance with the terms of the offer• Legal Purpose/Objective• Mutuality of Obligation – also known as the “meeting of the minds”• Consideration• Competent PartiesConsideration is an essential element of any valid contract.

Legally im just trying to make sure we are all swuared away.Would i need to go ahead and place my brothers name and sisters name on the deed to avoid having to do it later when we sell it?

This is where the tenants is below the federal poverty guidelines for wage garnishment or has a cash under the table job etc.

I read about these deals but don't understand the legal paperwork needed.