I am open to options
I looked at a couple of Condos in St George. There a quite a few inexpensive ones in the area north of sunset as well as the Dixe Downs area. I am not set on any area of town anywhere in SG or Hurricane, Ivins is fine with me. The I walked through was Right off the paved bike path where it crosses Sunset and was listed for 58,000. It was a bank owned and needed paint, carpet, appliances, probably some other repairs. 2 bedroom 1 bath 900 square feet. 100 dollar HOA. Built in 1985
I was thinking of 2 scenarios as far as the partnership.
1. I provide all of the downpayment and all of the costs of repair and the other partner signs a lease agreement to pay 50% of the holding costs and gets 50% of the time. Either in alternating 2 week or 1 week cycles. I am thinking of at least an annual lease. Once the lease expires the partner could coutinue on a month to month basis or walk away. I would be free to take on another partner or to sell the property
2. Option 2 is forming either an LLC or an NPO into which both parties invest equal money to cover the down payment and repairs. I am not certain how all the rules as far as taxes and etc work. Most timeshare's are set up as NPO's and I am sure its becuase of the tax advantages. I would want say a 5 year agreement and after 5 years we can either sell the property and split the equity or one partner can buy the other out for his half of the equity at that point. We would need to involve a lawyer under this senario where on the other one its just basically a rental agreement to partner 2.
As far as Renting it to others I would say of course. I have some local friends in st george that would be willing to act as managers and make sure its clean and undamaged between people and in exchage they could keep a non-refundable part of a cleaning deposit paid by the renters. If the payment was 300 a piece were would only need to rent it for 1 week a month each at 50 a night to have it pay for itself.
