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Old 08-07-2008, 08:18 AM
 
4 posts, read 10,819 times
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If two or three couples/families (friends) wanted to go in on buying a 3-flat together to live in (or, in the case of two couples, live in and rent one apartment out), how might they go about this -- and is it a decent idea? Does anyone know anyone who's done this? What sort of legal wrangling might be involved?
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Old 08-07-2008, 10:08 AM
 
1,083 posts, read 3,726,237 times
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Quote:
Originally Posted by tsd053008 View Post
If two or three couples/families (friends) wanted to go in on buying a 3-flat together to live in (or, in the case of two couples, live in and rent one apartment out), how might they go about this -- and is it a decent idea? Does anyone know anyone who's done this? What sort of legal wrangling might be involved?
Create an LLC
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Old 08-07-2008, 11:28 AM
 
11,975 posts, read 31,803,926 times
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Why not just establish a condominium association instead? Co-ops are pretty much dead unless there is a limited-equity low-income situation.
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Old 08-07-2008, 11:42 AM
 
Location: Not where you ever lived
11,535 posts, read 30,273,634 times
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Assuming you know something about how buildkings are constructed, I'd do two things. First hire the attorney. Then I'd buy or build twp duplexes. Each should have a basement or a deep crawl space. You never know when you are going to crawl under the main floor to replair leaking pipes like we just did. A slab is not the foundation you want for a rental unit unless you do not mind tearing out a concrete floor.

Been there, done that. .

Last edited by linicx; 08-07-2008 at 11:43 AM.. Reason: typo
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