Forming a Neighborhood Investment Group

[Amber Welsch]

Hello from Flagstaff! We live in a great neighborhood with no HOA and an increasing number of short term rentals. Our town has seen investment groups come in a buy multiple homes in a neighborhood and turn them into short term rentals (STR). Well, there is currently a short term rental for sale and we are forming a group of neighbors who are interested in potentially buying the property as an investment partnership and keeping it a STR, keeping profits in the neighborhood.

Has anyone done this? What considerations should we have going forward? We would form an LLC and I would offer to manage it with the groups collective agreement. We are meeting soon to discuss so O thought I would throw this out here to gain any insight from experience anyone may have.

Thank you!!