Parents helping to get foot in the market

Hi all,

I've been a ghost forum reader for a couple years now.  Sorry if this post is a bit long, but I know there is a lot of knowledge in these forums and I'd love to hear people's views.  I've searched the forums and found useful info but not quite the same scenario.

So my parents have agreed to help me get into the market (and yes I do realise the risks of being involved in property with family).

I'm currently a 4th year medical student, so have minimal income at the moment but have a guaranteed decent income from 2017 onwards.

So I've been looking at a way that I can get into the market now with the help of my parents (who have a stable income and a large chunk of equity) and then can transfer the property into my name when I start earning so I have a bit of equity (hopefully) and a PPOR.  We are trying to find a way that this would be possible while minimising CGT and stamp duty.  Unfortunately double stamp duty seems unavoidable.

So what we came to, was to buy a property that will be my main residence and to have both my Father’s and my name on the title and the mortgage (50% each tenancy in common?).  So that way, Dad at least gets 50% of the tax deductions and then in 5 years, when I buy out his 50% portion, he’ll only have 50% CGT and I won’t have any when/if I sell, as it’s my primary residence.  As I understand this will sacrifice my FHOG but we figured that the CGT break I will get from it being my primary residence would be worth more than the 7k.  A point to note is that I currently don't have the means to service my 50% of the loan, so my parents would have to.  However, I would be planning on moving in with 2 fellow medical students who would be paying rent which hopefully can help my part of the mortgage.

That’s how I understand it, I'm very open to any advice/criticism of the above idea or possible better ways to structure.

Thanks in advance for your help.

Robbo