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Updated over 4 years ago,
What's fair in this partnership?
My brother is moving to an expensive area that he can't afford right now. He would be able to have cheaper monthly payments buying a place versus renting.
He wants to go in on a condo together. That he would be living in and paying utilities.
My question is what would make this partnership fair? We talked about paying 10% each for the down payment and 50/50 for any repairs. What would be fair for monthly payments, taxes, insurance?
I'm not trying to make any money until we sell it so I am not expecting rent from him. Basically I don't want to do anything unfair towards him but it's also a way for both of us to make money selling the place in a year or two. Any suggestions?