What is the safest way to co-buy a property were going to flip?
The house needs to be remodeled first.
Both of us have great credit and income to afford the debt.
We can pay cash for the property, but are concerned about running short on the remodel.
My concern is how to best title the property so both parties are responsible for the loan.
My loan officer has suggested I buy the home as an owner occupied loan, which is fine with me, but that leave me on the hook for the entire loan.
Should we forget the bank loan and make equal deposits into an escrow account, title it in both names. Use that money to pay for the house and start the remodel, requiring both signatures to draw funds from the account. Later get a home equity line of credit to finish the remodel?
Is a simple writtten agreement worth the paper it is written on?
Can you give me any suggestions, advise, do we need an attorney?
Thanks for your suggestions.
Michael