[eskildsm]

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!:confused:

[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.