Me and a buddy are looking at buying 70 acres of open land in Washington. He wants to buy it either by forming a corporation or Joint Venture. I am putting up all the money to pay it off and he will reimburse me for his 1/2 making payments. Is there any advantage to us buying it his way over just buying it in our own names. We plan on holding it for 10-15 years then breaking into 10 acre parcels and selling!

LisaB4657

If you purchase it in your own names then you and your buddy will each own 50% of the property. You won't have any assurances that he will pay you for his share. But if you purchase it as a corporation or LLC then the agreement can show how much percentage each of you own and you can also hold a mortgage individually for his share of the payments.

I suggest you speak to a real estate attorney in the area where the property is located before you purchase the property. This way you can get something in writing that will protect your interest.

landlord advocate

Do contact a real estate attorney in your area. Be sure to discuss what happens to the ownership if either of you pass away.