<prompt> Human: We are trying to find a place in Northern VA, where prices are out of the roof, so we really both cant buy our own place, instead we figured we buy a house together. We are looking at townhouses in the 350s. Our loan goes to about 400. Need some advice on what type of loan to get. 30 year, ARM?Also when time is here to sell, we were thinking of either renting it or if house prices go up even more, then just sell it.Thanks in advance.  <response>: Whats your age if I may ask? Dont do this with a friend. But if you must...both of you must sit down with a lawyer. Who pays for utilities? Who pays for repairs? What if one person wants a new roof, carpet, plumbing? What if one person wants to sell? What if one person wants to buy the other person out? What if someone cant pay because they lost their job? How do you split tax refunds? Both credit scores will be affected and if one fails at their side of the payment, the other one is responsible. Also if this isnt listed as someones main residence that person will pay considerably different taxes. Create a company that you both own 5050 and get a lawyer. Also, dont do this. 