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My roommate and I rent a two bedroom in Prospect Heights, just off GAP and the building is going condo. The insider price, just shy of $300k, is low enough that both he and I(both architects, incidentally) think it’s too good to pass up. My roommate wants to buy the apartment as a partnership which I would agree to only if the goal was a quick resale(who wants to own half an apartment?). Does this sound reasonable? Is any bank going to lend someone/a partnership with basically no assets more than $300,000 to buy and renovate an apartment? Would it be better for one of us to buy it? My roommate would be getting his half of our ten percent down payment from his dad while I would be using my savings. Our monthly costs would be about the same if slightly less after the tax savings(god bless the mortgage interest deduction). Even under the worst of circumstances we could successfully “carry” the apartment until one of had to move for other reasons.