Buying a second home with friends (Colorado)

[Ted_Graham]

My wife and I are planning on buying a ski condo here in Colorado with two other couples. The six of us plan to use it as a second home and occasionally rent it out as a short-term rental.

We are considering forming an LLC to hold the property so we can share the tax deduction of the mortgage interest and HOA fees. Is this the best way? How will we apply for a mortgage? Are there issues with renting the property if the LLC owns it?

Thanks,
Ted

 

[lwpat]

You need professional help to draw up the agreement. Contact a real estate attorney in Colorado to assist you. If you are purchasing through a real estate agent they can advise one in the area that handles this type of situation.

 

[HomeGuru]

I agree.