Family equity pitfalls and consequences?

[Gordon Burwell]

Hello all, I have a family member that has a decent property 4bd 2b  2 car detached garage on about 1-2 acre value is around $230–250 and if cleaned up and in perfect condition $300+.  Now the property is free and clear no liens on it.  The family member has expressed interest in adding my name to the deed so I or WE could use it to invest in real estate.  Excluding the debate about getting into business with family.  What are the downsides or risks that I would be taking by doing this?   Thank you hope to hear from you.

[Simon W.]

Quote from @Gordon Burwell:

Hello all, I have a family member that has a decent property 4bd 2b  2 car detached garage on about 1-2 acre value is around $230–250 and if cleaned up and in perfect condition $300+.  Now the property is free and clear no liens on it.  The family member has expressed interest in adding my name to the deed so I or WE could use it to invest in real estate.  Excluding the debate about getting into business with family.  What are the downsides or risks that I would be taking by doing this?   Thank you hope to hear from you.

I am trying to understand, why this family even wants to add your name to the deed in the first place. What does this family member get out of this?

To answer your question about the downside or risks - there might be an existing or a possible lawsuit and you would need to be held liable for 50% of it.