Advice on bying a second condo?

I make $47000/yr and have some savings. I'm buying a condo for close to $200K in a few weeks. My monthly payments will be close to $1600/month. After seeing a bunch of great places during my search, I'm thinking of making an investment and buying a second unit with a family member (different location and building) for up to $170K. She makes about $30,000/yr and I'm wondering if that will be possible. I don't think she would qualify for mortgage on her own so I'm wondering if we have a chance together. What do you think? Payments would be her responsibility with the option of taking a roomate to help with payments. What would the legal implications be?
Some advice would be appreciated.

Her $2500 per month gross would barely qualify her as a tenant in that condo. You are betting your credit on her ability to find and maintain a roommate. Unless you are not concerned about the monthly obligation being dropped in your lap. I think you are still excited about the house-hunting process and not objectively analyzing this investment deal. My best guess is that within a couple years, you will have blemished credit and a seriously reduced relationship with this family member. One major decision at a time, okay?

Both of you would legally responsibility and the mortgage would report on both your credit reports. With a non-occupying co-borrower the best loan would be FHA, but the condo would have to FHA approved. See website below. Using conventional would require her ratios to be calculated at a max of 43% (doesnt sound like she could that) or you would have to put 20% down in order to get around that.
Remember, if she default, you default and foreclosure will be both names. Be careful and good luck

its a big monthly commitment.

if the bank was aware of you purchasing 2 condos, you probably would NOT qualify,

but if you really want to go through with it and think you can hack it (there are also taxes and insurance and condo dues) and avoid going into foreclosure.


then buy both condos at th4e same time with going to 2 different banks, not letting the each bank you are buying a second condo.

and close them within 3 weeks of each other and you will be able to obtain financing for both of them.