I think you have a good plan but there are a couple of cautions.
First, you are essentially creating a partnership with your friend. Are you both sure you’re up to it? Do you have a “Joint Venture” agreement written up that very specifically defines your roles and responsibilities? What if one of you can’t perform up to the agreement – will it kill your friendship?
Secondly, what about the new wife? Will she be cool with living under the same roof as your friend? I know it’s a duplex but… And you’re right, it’s hard moving around with kids in tow.
You really need to talk through all the bad things that can happen as well as the good things and make sure you don’t run the risk of losing a friend and a wife.
A friend and I are finally ready to start a fixer upper/flip later this summer in Boulder County, Co. I am good at numbers (dont have much but am good with them) and i can talk to people real easy (im in sales) and my friend works construction and is good with that whole “labor” side of life. My question is this, Is this a good idea for the both of us to try this together? Neither of us have the cash flow or confidence to start on our own. The plan is to purchase siezed, or “cheap” property, live in it for about one to two years meanwhile fixing it up and making it appeal to others and get rid of it. Then in the mean time save a “cushion” of money so that we can safly start on our own. My other idea was to purchase a Duplex with the both of us. Rent out the other half to aid us in our savings and go from there. The only second thought that i have is my girlfriend is a soon to be wife and also possibly soon to be mother. I would like a place we dont have to jump around to every couple of years. She is ok with the idea, but i know once family stuff happens we will want “a place of out own” asap. ??? any help would be great. Thank you.