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Updated over 7 years ago,
Rent question; 3 apartment house owned by 4 people.
I own 25% of a 3 apartment house, the other 75% is equally owned by three of my relatives (4 of us each own 25%). The house is fully paid for and currently is fully rented out (none of my relatives live there). The thing is, now I would like to live in one of the apartments but I can't figure out what would be my fair share of the rent.
Currently the rents total $3,500 a month. The apartment I would want is $900. The property taxes are about $10,500 annually. What would be fair for everyone involved?
Me not paying any rent, but the first two apartments being split 3 ways, I stead of 4? So for my living there rent-free, my portion of the $2,600 rent ($650) would be equally divided by my 3 relatives. Would that be fair?
Or would "fair" be me adding a little into the kitty? Like them taking my $650 cut and me also paying 1/4th of the property taxes? So somewhere in the $200-250 each month?
Just trying to figure out something fair for me and also the other 3 owners.
Thanks!