In that case, you have to play by the rules that the state and federal authorities set up for how these private investments must work.It’s way beyond the scope of this article to describe all the rules, so I’m not going to try.

@Luciano A.I can't begin to describe how support like that makes me feel.

@Joel Harrison Why don't you speak with several lenders and describe the situation? 

Unless laws have changed that I'm simply not up to speed on yet, a full time college student up to the age of 24 is still a dependent, an 18 year old student who lives with the parent at least six months of the year- these both fit the situation you're describing. 

Honestly what you're describing sounds like a bureaucratic nightmare.

Since this is not just a residence but a business we think it’s smart to have a legally binding document that describes our agreed-upon partnership.

Cons are slight downgrades in quality of renters, property damage more likely/possible.You’ve described this as a buy and hold situation, which is usually where your higher monthly rental yields come into play, but I would say one of the key things to this being successful for you would be your ‘boots on the ground’ and having people you can count on for the rehab/deferred maintenance as well as a PM that will be able to manage it for you skillfully.

This is not legal advice, just friendly information.Sounds like you're describing a "friends and family" round of investing.

Actually you just described 2012 in my market, haha.

Hello EveryoneIs there a basic contract template that I can use with a contractor to describe the work that will be completed, what will be paid up front, what will be paid when completed, and what needs to be satisfied for full payment?