I work for my family’s business that has put the building up for sale. My father would like to find an investor that will purchase the building and rent it back to him. I have no ties to the company besides being an employee. I currently rent residential properties and was looking at acquiring another one and decided maybe I should investigate more into this instead.
The building was appraised at $1,170,000. I could purchase the building at 65% LTV and my father would sign a two year agreement stating he would pay rent at $6.50 per square foot on 15,000 square feet; however, how do I go about this?
I do not have the income level for such a purchase. Would this be disregarded do to the two year agreement? I would really like to help my family out as well as place this in my portfolio but I am not sure how to go about it. Thank you for any help!!!