I'm asking here if this is a viable/likely option for me. To put it shortly, I don't make enough money to put a down payment on any house. I am looking for a silent investor who is willing to agree to a contract with me whereas:
1.They put the down payment and co-sign the mortgage/etc. and do the paperwork/income proof/etc. This will make them half owner and this will be part of the following addendum;
2.They agree in contract that I live in the property and they are not reside there/use it/etc.;
3.I pay them the mortgage plus interest on the down payment they gave me. When I match the down payment they gave + interest, they get their money back with profit and I become full owner and solely responsible there on out.
I think this is the only way I can get my own place. Should I default on any payment, they become full owner and I lose the property, leaving them to either pay for it themselves or let it go.
This is a good idea for a self-employed person who cannot provide taxes or collateral?
I cannot save money because I need to get my own place now, so that's not an option.
No mortgage lender will approve no taxes + self-employment + no collateral, but a silent investor...?
What are the thoughts on this business plan to help me secure my first house in a time of need?