Investing with family: setting boundaries and expectations

[Melissa Gregoire]

I’m starting a timeshare like investment group with family and friends. Basic details - each person has a buy in amount and then we each get the proportionate share of time at the property to our investment. We are collectively saving over the next 18 months. Any tips on contracts we should put in place? What type of legal entity would be best for us all to be protected? If we set up an entity to buy a property, what will the bank expect credit wise? We have a lot of questions, but those are the big ones so far. Help us very much appreciated!