2 families first time STR investment.
Hello BP crew. My family and another family (friends) are looking to buy a property up in the Poconos of PA early in 2022. We will use this property as both a vacation home as well as a STR. We will be looking for a property in a community with desirable amenities somewhere in the 4-5 bedroom range. So a few questions.
Any suggestions on STR friendly neighborhoods/townships in that area? I know there are some looming changes in that area regarding approved limits on headcount based on bedrooms.
Considering this home/investment will be owned by 2 families what is the best method to purchase a house? LLC, private buyers....
Based on experience are there any other things related to that area or just purchasing with a friend that you think is worth sharing? We want to do this right and have a focus on the long view.
Thanks in advance for all of your help.
Most Popular Reply
I can't speak to which structure would be best for your situation, but I can promise you that it is critical to spend some money up front to get your agreement in writing. Don't put yourselves in a situation where you are making decisions under duress that could have been determined up front (and in writing). Make the legal document the enemy, not one another. Make sure financing/roles/splits/expenses/exit - everything is mapped out. Paying for an attorney's expertise is worth it if you truly value the relationship.