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Muli-owner Property/Joint Ownership

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Junior Member
What is the name of your state? Missouri

I guess I am looking for advice more than anything.

Wanting to buy/build a large home with four other individuals under some type of contract or LLC. What would be the best way to go about this to ensure everyone is represented appropriately from a legal stand point and that our bases are covered to handle things such as one individual in the agreement wanting out after a couple of years?

I'm 30 years old. Myself and a few life long friends were tossing around the idea of using our collective incomes in some sort of contractual arrangement to allow us to buy a very large home that would accommodate all four of us comfortably and yet spread the cost of ownership over all of us.

I'm sure this isn't the first time this idea has come up... I'm wondering what the best way to go about this is. For one, I would prefer to just have a large home (not a triplex or anything like that). I would imagine the resell value would be better if it was just a very large home.

Could we form some sort of LLC and own it under that then basically lease or rent it out to ourselves? I guess the main thing to cover is some type of group ownership over a house. At the same time, I think we would be fooling ourselves to think problems wouldn’t arise from time to time… so some sort of contract would be needed up front to handle such situations.

Any advice would be greatly appreciated. If it's a really bad idea to do this, please provide reasons. Thanks in advance for you time.

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