I am getting ready to make a purchase offer on a single family property and plan on using a JV for the first time. I was not planning on a using a JV yet, but I had a house come up for sale that I have been waiting for a long time and coincidentally, I had a friend that is interested in doing a JV. My question is, who do you write on the purchase agrement for the buyer? Do I use both of our names or can I use my name and/or assingee? What is the pros and cons of each way? The reason for the questions is I have not had my potential JV partner pre qualify for a mortgage yet and did not want to put his name on incase he does not qualify. Is it possible to change names on the agreement after it has been accepted and if so what problems can arise? I want to make sure I do this right as I want to get an offer in right away so I do not potentially loose the deal. Any help or suggestions would be appreciated.
Thank you,
David
Thank you,
David