Several generations of family members or six college friends may want to share the benefits and responsibilities of owning a ranch, fishing cabin, or ski condo.
There are several ownership options depending on the needs of the group. Often times, it is best to own real estate in a limited liability company.
However, it may be advisable for the parties to enter into a co-ownership agreement. The agreement may be very extensive, covering most of the issues set forth above under Hunting Clubs. Co-ownership agreements streamline a lot of ownership and income tax issues. Co-ownership agreements can work extremely well for ski condos and mountain cabins.