What is the best way to go about purchasing a rental property with multiple buyers?

rent large house
A couple of my friends and I are looking into buying one or more large houses to rent out to college students. What is the best way to approach this? One friend suggested forming an LLC and then purchasing the property under the LLC’s name. I was told this option would allow us to protect both our individual and group assets. I would appreciate insight from anyone with experience in this area. Also, suggested resources (web, books, etc..) would be helpful. Thanks…
Rent Back Fast

Related posts:

  1. I want to rent out a large shop I have on my property to multiple people. What problems might I face? I plan on building a large shop w/10 stalls for 2-3 cars each, I want to be able to rent these out to whoever needs a space to work on...
  2. Does anyone know much about purchasing a Foreclosure home? I’m looking into foreclosure homes in Florida. I am a first time home buyer and am still researching the in’s and out’s of foreclosures. Any information you have would be...
  3. I am moving house into a previously repossessed property.How do I find out if the property is blacklisted? The property was repossessed by the previous owners mortgage company! I don’t know why? But can only presume he hadn’t been paying his bills! I don’t know if the water,...
  4. Where can you rent a beach house for grad week on the east coast if you are only 18? Me and a group of my friends want to rent a house for grad week. We have noticed that min age requirement is usually 21 or 25, depending on property....
  5. What should a person expect when purchasing a foreclosure home? How does one deal with a foreclosure? Is the buyer allowed to look inside the house and should one go to bank if interested in buying a foreclosure home.Repossession...

June 23rd, 2010


4 Responses to “What is the best way to go about purchasing a rental property with multiple buyers?”

  1. iamweirdarewethereyet Says:
    June 26th, 2010 at 10:05 am

    this would be a great idea.

  2. angelinvestor Says:
    June 26th, 2010 at 11:12 pm

    LLC is the way to go. You then distribute “shares” to each investor in the LLC appropriate to their investment.

  3. blabster91 Says:
    June 28th, 2010 at 12:51 pm

    well you can just look for ones that you like and put then talk to the person and try to buy it from them

  4. mortgage help Says:
    June 30th, 2010 at 12:44 pm

    yes, form the LLC
    You can talk with an experienced Loan Officer who has qualified your scenario many times,