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Originally Posted by tophcfa
Agree with the above post. Cost of renting during busy season at least as much as cost of owning and it's great to have your own place, with your own stuff there, kept the way you like it, with the ability to come and go as you please. Before buying we rented several times during the shoulder seasons and determined where we wanted to live and what to look for in a property. I haven't heard of people co-owning, but sounds way to complicated and too many potential issues. I am pretty sure that only two deeded homeowners are allowed to have resident ID's, which can be temporarily turned in, for a fee, so that renters of the property can get the use of the resident ID's.
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We rented for five years with another couple who have been longtime friends. In that time we never had a contentious disagreement and enjoyed doing things together, he and I golf and pickleball, the ladies Zumba and yoga. We looked at homes during that time to buy as co-owners.
We checked with TV and were assured that up to four owners on the title would qualify for resident IDs. The complications would be primarily in the case of a death, or a change of mind by one of the couples. This could be addressed with a legal buy-sell agreement, specifying the terms under which those complications would be addressed. (I am a CLU/ChFC with 25 years in financial services) We ultimately decided to buy individually and currently own homes in Sanibel, about three blocks from one another. If you can be relatively certain you can get along extremely well with the other party, co-ownership can offer some advantages - sharing the cost of buying - sharing the costs of maintenance - sharing the taxes, utilities, amenity fees etc.