How does a group of 4 to 5 people buy one property as an investment?

Question

I did some google searching trying to find an answer and no luck, the idea is that a couple of us are considering buying property that none of us will actually live in but rather rent it, what are the common ways investors in our position go by to purchase properties and ensure that everyone goes out with a good investment, Associations? Special type of Mortgages? I have absolutely no idea, thanks for your input

Answer 1

This type of idea was on ACA about a month ago - in Australia some serious pitfalls for younger people without experience - to do this recommend serious money spent on a lawyer and an accountant - otherwise you could end up carrying the stick.

Answer 2

Talk to a lawyer about forming some type of corporation.  An LLC might be a good choice.  Define exactly what the intentions of this corporation are in a business plan.  Research this quite a bit before you start b/c there's paperwork to be done and laws to follow.  Again, a decent lawyer will save you in the long run and will cya (cover your rear).