Quote:
Originally Posted by retiredguy123
This idea has so many potential problems, they are difficult to count. Suppose someone, who owns half of the house, decides to use the house as an Air BNB hotel and rent it out on a nightly basis, or rents out individual rooms? Or, decides to sell their half in weekly increments like a typical timeshare? How do you get homeowners insurance for the house? What recourse do you have if the person who owns half of the house refuses to pay the ongoing expenses? Who is responsible for deed restriction violations?
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Most if not all, potential issues can be addressed in a legally binding buy/sell agreement. Again, you had better assume a good level of trust and understanding before entering into a partnership of this kind. It is almost identical to a legal business partnership.