how would you like to buy vacation properties with ten other people and divide the weeks equally yearly?

Question

Ten people buy condo and share equal amount of equity may sale there part but only 1/10th of it. Each person would have over 5 weeks throughout the year they could either rent there weeks or stay in it or trade weeks with one another.But their would be a set schedule for everyone to have equal amount of time in peak seasons. All would be on the deed of ownership and availbe to their 1/10th of ownership and may be able to sell there part at any price but the buyer would only own 1/10th to keep it fair for everyone else. Of course there is fees yearly or monthly but between 10 people this would be fairly cheap. It sounds like a time share(i guess in a way it is) but you would be an actual owner with 9 other people and all decisions would be voted on,and of courrse there would be legal documents made up for everyone just to keep it all legal for everyone and we could all have a good vacation spot for years to come with several weeks a year to enjoy.

Answer 1

Wow, I wonder if you could write off your vacation as a business expense to maintain the upkeep of your property. ;)

Anyway, I would form a legal entity, like a LLC or partnership. Place the property under your entity. Document every aspect of your requirements, such as the ones you stated above and have every member sign off on it just in case it goes to court. Make sure you make provisions for death (if one of you dies), departure (one of you wants to leave the partnership), divorce (one of you gets divorced. Hate to have the ex-spouse's attorney come after the rest of the partners) and disability (one of you becomes a vegetable and is no longer able to finance or enjoy the property; you might want to get a disability insurance policy).

Good luck. By the way, a Motel 6 only cost 35 dollars a night. ;)

Regards...

Answer 2

Its called a timeshare.