Buy recreational land with a partner
I am looking into purchasing a few acres (25-35)to call my own at the beginning of this next year. I have crunched some numbers and its going to be rough to pull together all the green by myself. My buddy and I have long talked about buying land together, but never sat down and talked to anyone about it. I understand that buying land with 2 parties is looked down on for a lot of potential issues that may come up like them not paying their half of the payment, or wanting to sell.. Ect... I get that risk. What I am looking for is the process or steps to get this done. What type of loan will allow two names on the loan, but not a Co Signer type setup? What paperwork would the lawyers need to generate to show 50% ownership to each party? Yearly Taxes? What else am I missing here? Thanks!