Multi-Family Housing: Two Families, One House?
At first blush, multi-family housing makes a lot of sense. Move in with your friends and split your mortgage in half. Lenders even offer special multi-family financing. But it's not something to jump into too quickly. Make sure you're on the same page when it comes to the mortgage and maintenance. If you're buying this multi-family building as partners with the idea of converting it later into separate ownership (like a condo), then you should have an attorney draw up a partnership agreement that spells out these issues and others, like what happens if one family decides to sell.