Thanks Terry for replying,
This situation is uncle ONLY wants to contribute $450,000 and have first morgage, this will pay for the land. My partner and myself then have to get a loan ie. second morgage to pay for building the duplex, (if this can be done). Then in 5 or so years time when market is right we sell and my uncle will get a percentage and we will. Does this make sense? What we are unsure of is if you can get a second morgage in these circumstances and how the second morgage situation works or if there are other ways to do this?
Thanks
Chris
