And what if the co owners heirs(children or brother in law) are not reasonable. What happens in the case of bankruptcy by one of the owners, marriage problems . Too many what ifs. Formation of a corporation with well written rules would work better in insuring an orderly process for sticky issues and termination.

My understanding was that any residents living in a home were entitled to IDs. If i'm not mistaken, occupancy laws state that you may have up to two people per bedroom living in a home. So if you have a three bedroom home you should be able to get six IDs.

Agree. In the case of our relatives, that was all done with legal guidance. Not so sure about the MI people. Many of them were friends since kindergarten.

In 2008 myself, my wife, my mother & wife's mother all lived in our house.

We all had resident id's.
There was 1 amenity fee for the house.
And the trail fee covers the house.


As for the house ownership - my wife & I owned it.

Now, in 1998 in Wisc., my wife & I bought a house together with my parents. It was a side by side duplex. One mortgage, one deed, one tax bill.
When one of the owners passes away it becomes owned in THIRDS. No necessary very equitable to the spouse of the person that passed but in this case it was my parents and we bought out my mom at a fair half share!

Thanks for the responses, everyone!

I would think out all the obvious variable outcomes where one owner needs or wants to sell out before doing something like this. Any number of situations could develop between the partners.

Same friends who rent to title 9?

My sons wife's family owned a large cottage near the ocean in Rhode Island, I think 8 couples were on the deed. One couple lived there in the winter, the others shared time in summer. It was lovely while it lasted BUT as people got older and some died, not so lovely. They sold it last year amid much squabbling and bitter recriminations. And these are people who are family and really fond of each other. Still came to lawyers and unhappiness.

It really is a crap shoot. So much better to have an agreement drawn up by an attorney, including who will inherit, what will happen if divorce, etc., what the kids will be expected to do, etc. I think there was an article about this in the NYT a while back.

Families in MI tend to take a less litigious view, at least in West MI. It's usually just settled in the family & friends. Other states might be different.

Please explain !!!!

Wrong law.
 

Originally Posted by nitehawk https://www.talkofthevillages.com/fo...s/viewpost.gif
my neighbor owns 3 rental homes. He rents them out to people on section 8, said he is making money and looking to buy more homes

My wife and I have rented with a couple of longtime friends for the last four years and strongly considered buying a place together. It would have worked well as we all get along perfectly, like the same things (men are golfers and pickleball players, ladies are yoga, zumba, and we all like to eat at the country clubs and go to the squares and dance. None of us had any intention of being in TV more than 4 to 6 months, and the savings on taxes, fees, utilities, etc would have made it very affordable. We checked early on and were told that as long as everyone is on the title up to four people can be issued resident passes and one amenity fee covers all. We had a tentative buy-sell agreement worked up that would have provided for either couple to opt out and offer the other couple the right to buy at a set price, and the same in case of death. Before you jump on me (I know this forum), only the guys play golf and pickleball so we would require no more tee times, or court time than a man and wife who golf and pickle. As it turned out, my wife and I bought a small acreage next to our kids in Missouri, and realized we would not be interested in being in Fl for more than a couple months a year, making buying unrealistic. Our friends bought a home in Sanibel this June, and we will be renting a bedroom from them in Feb. and March. She is planning to relinquish her resident pass for those two months to me so that he and I can play golf (we play at the earliest possible tee times so we don't take favored tee times from anyone else - often the foursomes are not filled at that time). It will be different from renting from someone else and being equals in the equation, so I am interested to see how it plays out, but I am pretty confident it will work fine. I am a little more outgoing than he is and his wife is a little more outgoing than mine, so it works well to keep us all active and on the go.

OP asks a question about rules and legalities and gets four pages of relationship advice.

Still does not explain what "Same friends who rent to title 9?" What is title 9