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Buying a portion of an existing mortgage?

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  • Buying a portion of an existing mortgage?

    Hello,

     

    I am looking for advice regarding the purchase of a portion of a rental property mortgage from a family member in Chicago.  I believe it will be a good addition to my existing portfolio.  I have found examples online (including this article: https://www.nolo.com/legal-encyclopedia/how-buy-ownership-share-friend-s-home.html ), but am still confused on the exact process in which to carry this through correctly.

     

    I am curious if anyone has any suggestions on A. whether or not this is a bad idea, and B. how to go about this.

     

    Thank you, and I look forward to reading your comments.
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