Hey,
Just looking for advice/thoughts here.
Quick Background info:
Me - 31, serious girlfriend, never owned a house/always a renter. Steady job as a civil technologist.
Friend - 31, just got engaged. He has owned 2 properties (at different times) and renovated both and turned them each for a profit. Currently, owns 1 property in Vernon that he rents out. He lives in Calgary again with his fiance. He is the type of person who does not want to work but will if he has too. He's smart with money and knows his stuff when it comes to buying/selling/renting/renovating properties and I trust him completely.
Anyways,
He called me tonight saying he has found a house in Kelowna that he'd like to pick up. He has the down payment ready but he would not get approved for a mortgage as he doesn't technically have a "real" job (he started with a new company beginning of this week but it's a bullshit job). That's where I come in.
I am steadily employed and have been pretty fortunate with always finding work.
Blah blah blah. He suggested that he could supply the down payment, I would be the owner on paper and we could work out a contract that we each would get X% of the profit provided by the rental income after all expenses are paid.
With that being said, what are your comments, thoughts, suggestions, warnings for this if I was to go ahead and pursue this?