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Bigstan · 12-19-2012, 03:16 PM

At the least research and come up with a figure that represents at least 1 years worth of expenses (taxes, upkeep, fuel, registrations, mortgage, utilities - become inventive). Inflate that number by 1-200% so you have some emergency buffer to cover emergencies.

Create a trust (pay the lawyer) and place that money into a trust that is to be only used for the property.

Make sure the other party understands this is an ongoing expense, and that they contribute their 50% up front - if they are not willing to put this minimal amount down in the beginning you know they will never do it on a month to month basis, no matter how well intentioned. If they see what they need to pay initially (and what they will be on the hook for) things may change.....

Been there, done that, never ever again.

12-19-2012, 03:16 PM	#37
Bigstan Senior Member Join Date: Apr 2008 Location: Gilford NH Posts: 385 Thanks: 9 Thanked 165 Times in 93 Posts	Escrow..... At the least research and come up with a figure that represents at least 1 years worth of expenses (taxes, upkeep, fuel, registrations, mortgage, utilities - become inventive). Inflate that number by 1-200% so you have some emergency buffer to cover emergencies. Create a trust (pay the lawyer) and place that money into a trust that is to be only used for the property. Make sure the other party understands this is an ongoing expense, and that they contribute their 50% up front - if they are not willing to put this minimal amount down in the beginning you know they will never do it on a month to month basis, no matter how well intentioned. If they see what they need to pay initially (and what they will be on the hook for) things may change..... Been there, done that, never ever again.