I have a friend that is looking at a house. It would be his first house. It’s a condo in a nice area but it will need major renovations due to the interior being about 40 years old. His SO isn’t really contributing any money herself but her father is a contractor and will be doing the renovations with him and also contributing some money to the mortgage. He is also putting his mother on the deed because she will be contributing money as well.
I personally don’t really agree with the purchase. I don’t really see the point of splitting a house like that 4 ways. But that’s none of my business.
My real issue is what happens if they decide to break up. They are not married. Is there any way they could set this up to protect each party? Would buying it under an LLC help?
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