Usage of your own rental property in a parternship

[Hans C Hormann]

Hello all, 

Just bought a property with a partner and both of side of the partnership want to be able to use the property 5-10 days a year. We have discussed not booking on prime hiolidays etc but interested in how people work this up. We want to make it part of our LLC agreement.

Thanks in Advance!

[Nathan Gesner]

Quote from @Hans C Hormann:

Hello all, 

Just bought a property with a partner and both of side of the partnership want to be able to use the property 5-10 days a year. We have discussed not booking on prime hiolidays etc but interested in how people work this up. We want to make it part of our LLC agreement.

I think it's terrible advice. You should have a written agreement, even if your partner is your best friend or a relative. What happens when they die? What if they get a divorce? What if they have some major tragedy in their life, are financially bankrupt, get kicked out of the house by their spouse, and decide to move into the vacation home "temporarily" and stay for three months?

Contracts are not for happy times when everything goes smoothly. They are for the "what if" scenarios that turn your happy days into a nightmare. Protect yourself and your interests. You may never need it, but you'll be glad to have it if when you do.