Advice on buying a house at 20 with friends.

Me and a couple of mates () are looking at buying a house around Ilam next year to rent out to uni students.

Right now we’ve got a $150k deposit between the 3 of us, and we’re trying to find a 4th person to bring it up to $200k.

Currently 2 of us are at the uni and the other works full time.

We plan to all stay in Christchurch for the next 4 years, so we’d be close by to handle issues and help manage the place if needed.

We’re mainly looking for advice from anyone who has:

• bought a student rental near UC
• gone in on a house with friends
• dealt with banks about investment lending while still at uni

Any tips on:

• best ownership structure
• what the banks look for
• whether a $150–200k deposit is enough around Ilam
• things to watch out for with student rentals
• anything you wish you knew before doing it

Would appreciate any advice or warnings. Cheers!