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Updated over 1 year ago,
Buying a house with my kids?
Okay, so this is a rabbit trail post but...
I'm going through a divorce & looking for options to pay my soon-to-be ex out. I may be forced to sell my primary home as I can't get a line of credit large enough to pay her out. If I sell, I likely won't have enough money for a down payment on the next house.
But... My 3 kids (15, 17 & 19) each have a large enough chunk of money that if we put it all together, we could make it happen. I just don't know how it would work to structure the ownership & finances.
Hypothetically, they would have the money to put down, but I would be paying the mortgage & doing all improvements. So how would I account for their share of appreciation in the future? Ownership structure etc.?
Rabbit trail, for sure. Feel free to tell me all the ways why this is a stupid idea.