Re: need advice on buy property with family - Posted by Ed Garcia
Posted by Ed Garcia on August 18, 2005 at 11:24:40:
This could be a tough one.
My grandfather use to call me Jackson as a nick name. I?ll never forget the day my grandfather said to me. Jackson, thank God you can choose your friends, because you?re stuck with your relatives.
Another little cliché he?d say is, In-laws turn to be Outlaws. Even through my grandfathers humor I never failed to get the message.
Bottom line is, you have to set up rules or criteria that all family members involved agree on. The time use of the home should be given out by a drawing right at the beginning. You can either trade time frames or make them revolving so that each member gets a fair shot at them. Once assigned, they can be traded if agreed upon.
Once the agreed upon rules are set up they should protect the family members from each other. I said should, that don?t mean they will, you?ll always have a member that will rock the boat and want to change and if you don?t change they will be offended.
You could set up a LLC and each member could purchase shares in the LLC. That way if they for what ever reason wanted out, another member could purchase their shares, and it could be a clean brake and not disturb the initial family membership.
Unfortunately John, we don?t know all of the circumstances of you and your family so I hope that this has given you some food for thought.