Co op buy a home
 

We live about 4 hours away and would love to own a home with another couple who would share a home each getting 6 months a year. Has anyone ever heard of this being done?

I know of several that have shared ownership. Two families on the deed.

You could establish an LLC to own the house, and have each family own 50%.
I think only 2 resident IDs can be assigned per house.
The agreement would need to be pretty lock tight.
I am going to guess you will get a lot of answers as to why this is a bad idea (it was discussed previously here).

I wouldn't share my lawn mower, let alone a house.
Can you imagine the arguments over the cleaning, damages, decorating etc!!
Rental would, in my mind, be the way to go.

EXACTLY. That is my assessment as well.

Great minds think......etc. etc!:icon_wink:

This is the TOTV post of the day. I’m still laughing.

Commune Living seems fun!!!! Until Arguments start.

Deed compliance should slam the door on that post haste. Should also stop rentals less than a year, but that train already left the station. I also believe citizenship should be a requirement for property ownership.

We have friends, 2 couples that bought a TV home together. Resident pass up to 4 on the deed, issued. Both couples are professional, sometimes can get away at a moment’s notice, and sometimes vaca plans canceled at last minute. Neither couple have been at the premier home with 2 master suites, at the same time, but the females have traveled together many times, as has both males to play golf.

They have enjoyed this lifestyle since 2010. But they also have been close friends over 20 years. They also own a ski lodge together for the same reason, last minute travel with no thoughts on where to stay.

Most will give an opinion, with no experience. With a good attorney, it works well. But I would not enter into a contract with an unknown person.

"Honey wasn't there a full container of..........when we were here last time?

Sounds like a plan to lose a friend

It can work like a marriage of 50 years but it’s rare.

Beware. You are forming a partnership and most partnerships fail. It's not like a couple of individuals are renting and if things go bad, one can just move out.

Who gets which 6 months?! Sounds like a nightmare to me. I highly recommend renting!!!