Shared Equity Agreement

[Dawn Wilkins]

Has anyone used a Shared Equity agreement to purchase real estate that will be used as primary residence by 20yo daughter in college? Basically I want to use our LLC to purchase a rehab property near her school for her to use as primary residence. She would be on deed with LLC to qualify as resident for lower taxes and easier way to pull permits. She would rent rooms to a few other girls to generate cash to pay for college expense. We wanted LLC to limit our liability because of the renters. Because she is a student and our personal credit history there would be no mortgage-cash in beginning. Can't seem to find local attorney that has experience. Examples all seem to show a mortgage involved. We want to maximize her ownership % so that more of the room rental stays in her pocket instead of ours ( we would just pay tax at a much higher rate and end up giving it back to her). At the end of the agreement ( end of graduate school), we could sell. We would get all our money back plus a small ownership %. Because it would be her primary residence for 2+ years her gain would be tax free .. nice graduation gift. Any comments appreciated.