Hi Jon & Brax,
Thank you for your comments and tips much appreciated.
Over the last few days I've thought really hard about going ahead with a JV with my cousins ( they are not technically my cousins but from my wife side of the family), my dad has made it quite clear to me that partnership doesn't really work as there are always disagreements when going into a partnership, and advised me that I should go it alone which I'm seriously considering doing now as the numbers are not stacking up with a three way split.
My dad did offer to guide me by sourcing the right properties for investment but won't financially help as that would be too easy and plus I want to achieve something myself without any financial help from anyone (apart from the bank lol).
The people I was considering going into a JV with have limited funds including limited knowledge in property and also I don't think they are the type of people who will pick up a paint brush whereas as I work in construction (behind the desk with a calculator lol ) I don't mind getting my hands dirty.
Ideally I want to purchase a 3/4 bed house in Nottingham to convert into a HMO subject to planning etc.
Or alternatively buy a property which is in need of renovation and sell it on, but this is where I might have to borrow funds on a short term basis such as a arranging bridging loan if I was to buy through an auction.
My plan for the next four week is;
* I'll be driving up to Nottingham from London on Saturday to view a few properties, this will also give me an opportunity to get to know the area.
* Make contact with a property specialist accountant and discuss what is the best way to setup my business. (any ideas how much they charge?)
* Make contact with a Broker
* Read and Research on a daily basis.
* Sign up to S.Leeds Crash course and become an academy member
I won't be rushing in but I will take my time unless a good deal comes up.
Life too short and I can't wait to get my first investment property behind me.
Sorry I've gone off on a tangent!