Purchasing Large Land Parcels with partners

[Alex Welstad]

I have a interesting opportunity coming up.

There is a property that my Mother in law wants to buy.

Its 100 acres, with 7 parcels. each parcel ranges from 8 acres to 33 acres. There is a dock with 100' water front. 2 parcels have actual water front and the taxes reflect this. 

The idea is to buy this and split it with the other family's in our family. 

The issue is i feel they are very naive about this. I want to make sure im covering myself in this transaction.

We are meeting tomorrow to go over paper work for a lender, i dont know what paperwork we are filling out but its the basic ssn and income.

Sounds like they are trying to loop all of us (5 familys ) on one loan? ive never heard of this. 

Im interested how we are going to "split" it up when the property is a loan. 

Itll be interesting, im not going to do anything till i make sure im getting equal land for my money and that i have ownership.

Anyone have any tips or what i should look for?

Thanks

Alex