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I own a farm in Colorado. I now live in Texas. I no longer want to own the home. I can sell for 350k and make 100k profit. It will be used as a non profit for Autistic kids and equine therapy. We have 2 horses, pigs, cows, goat, chicken, sheep-all allowed....I have 5 friends (Dr's, Psychologist, Architect...) who want to buy me out using Tenant in Common...all as investment since property is growing so quickly and they want to donate to cause. They may all have different percentage. The executive director will stay on site and own small percentage due to her 5am wake up (3 hour care in AM and 4 hour care at night)...
Would this be a good idea. I would be out of mortgage and can move on in Texas....they can own part of incredible home + acreage and helping others...true non profit...503 C...
If you sell something you want out of and get what you want for it, that's a good thiNg. I don't get how any of the other details actually matter. If they have an entity or account that is tenants in common they would have a tenants in common agreement that shows who owns what percentage of the account or asset
Tenants in common is the buyer's issue, not the seller's.
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