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jeffk · 12-18-2012, 08:06 AM

I think that, as pointed out, it depends on the people involved. But given that, there are still bound to be differences. For example, you agree to split maintenance. OK, the house needs painting/staining. Do you all come together for a 3 day staining weekend? Or hire a bunch of college kids to slap it on? Or hire a good local painter? The "cost" can vary significantly and so can the opinions about the way to go about it. If you are dealing with a family member it becomes not only a battle about the issue but strains the family as well.

What happens if one or the other runs into financial trouble. Find another partner (usually one not as easy to get along with but who has the money) or sell. Your partners troubles become your troubles. What happens if they don't tell you until the day before the taxes are due that they don't have the cash? Big panic! Your life is mixed in with theirs.

I'm sure there are some such arrangements that work well, where the family is mellow and respectful of each other (not most families by my experience) but more likely to see problems than not. Better not become too attached to the arrangement and ready to dump for a loss if need be.

My sister got into renting apartments for a while and some tenants were good and others were a nightmare. She got out of it. I think partnerships are the same and you can't tell the good from the bad up front.

12-18-2012, 08:06 AM	#6
jeffk Senior Member Join Date: Feb 2004 Location: Center Harbor Posts: 1,246 Thanks: 216 Thanked 483 Times in 277 Posts	It can be a mess I think that, as pointed out, it depends on the people involved. But given that, there are still bound to be differences. For example, you agree to split maintenance. OK, the house needs painting/staining. Do you all come together for a 3 day staining weekend? Or hire a bunch of college kids to slap it on? Or hire a good local painter? The "cost" can vary significantly and so can the opinions about the way to go about it. If you are dealing with a family member it becomes not only a battle about the issue but strains the family as well. What happens if one or the other runs into financial trouble. Find another partner (usually one not as easy to get along with but who has the money) or sell. Your partners troubles become your troubles. What happens if they don't tell you until the day before the taxes are due that they don't have the cash? Big panic! Your life is mixed in with theirs. I'm sure there are some such arrangements that work well, where the family is mellow and respectful of each other (not most families by my experience) but more likely to see problems than not. Better not become too attached to the arrangement and ready to dump for a loss if need be. My sister got into renting apartments for a while and some tenants were good and others were a nightmare. She got out of it. I think partnerships are the same and you can't tell the good from the bad up front.