joint ownership of a rental property

3 Replies

First off, I think you and your partner need to decide whether you want an investment property or a time share. I would suggest keeping your investments and personal purchases separate. Maybe you guys should partner up on a local vacation rental property, and then that property can pay for both your vacations.

For the properties we manage, if our clients want to stay in the unit or have their friends and family stay for a discount rate, they make up the difference in our commission and pay the full cleaning fee.

You need to have a written agreement on how to split costs and profits based on you and your partners usage. If you don't put it in writing you may have a disagreement later.

I self manage easily using Homeaway and Airbnb. The key is a dependable cleaning person or company. I found a lady on CL that is priced right and does a great job.

If you end up using a PM they can make a VRBO unprofitable and may want you to pay them a commission to use your own place!

I have two vacation rental properties with a partner. Our agreement has a certain number of days per partner per year written in. Neither one of us ever hit that number. I don’t even know what the number is or care. I stay there occasionally but it’s only if I’m fixing things up and it takes me more than one day to get something done.

Don’t vacation in your own vacation rentals you won’t enjoy yourself. Stay in them to make improvements. Then go on vacation elsewhere.