I have a long time friend and business partner that is looking to buy a vacation property in Durango and asking if I am interested in going in 50/50 on it with him. He wants to use it for themselves like a typical "vacation home", spending a month or two a year at the property - and of course splitting the time with us as the other half owner.
I am looking at it as a VRBO investment for the unoccupied times, since we would only go there maybe one week a year, if that. Will have to work out the detail to make sure we would both be on the same page for what is involved with having it "rental ready" when not in use.
Curious if anyone has any stories to share with a deal like this?
We are looking at Durango Colorado, more specifically the Purgatory resort area, anyone here have any vacation rentals in the market and would be up to sharing your experience with the area?
The snow hasn't been too good lately, so I would make sure the current owner is giving you the actual financials, and not proforma.
If the owner occupies over 14 days a year, you lose some tax advantages. You may want to check with an accountant.
@Thomas Morris thanks for that detail, will help me when I start to put the numbers together.
@Carole G. we don't have an actual property selected yet, just doing the initial talks to see if we want to buy a place and if our plans would mesh together. But good to know that the snow has been lacking in recent history, that would definitely affect the vacancy rate for the winter season. My partner is more interested in using it in the summer months as they don't ski - so will have to do some research on peak times to make sure we can get it rented a decent amount of time based on when he would want to use the unit.
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