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Hey guys! I've been reading the blog for several months but just stumbled across the forum. This place offers a wealth of knowledge! My question is two parts:
1) Does anyone have experience in going in on rentals with a 2nd party? I'm assuming we'd start a LLC and split everything down the middle. I've weighed the pros and cons of this, but any advise/experiences is obviously welcome. At first I was hesitant about this and figured why split profits with someone, but it'd also offer half the risk and twice the investment opportunities.
2) He is currently living in the house we would like to rent out first. What would be the best approach to refi the house in order to have both of our names on the title? If I understand correctly, you can get away with a owner occupied refi vs. non-owner occupied loan on the first house, correct? If so, would we be shooting ourselves in the foot to put the property in the business name?
Any help would be much appreciated!