Agreement between 50/50 owners of a rental unit

[Nina V.]

Hi folks, 

I am closing on a property with my cousin and both of our spouses. Each family will own the property 50/50. In the process of coming up with a legal agreement between us, we cannot figure out how to address when we have differences on how to solve disagreements on repairs. For example one family wants to repair the roof and the other wants to replace it. Any suggestions appreciated.

Thank you!

[Chris Seveney]

Quote from @Nina V.:

Hi folks, 

I am closing on a property with my cousin and both of our spouses. Each family will own the property 50/50. In the process of coming up with a legal agreement between us, we cannot figure out how to address when we have differences on how to solve disagreements on repairs. For example one family wants to repair the roof and the other wants to replace it. Any suggestions appreciated.

Thank you!

 That right there is the issue with 50/50 agreements. someone needs to be the manager and take the lead on these things and split the vote. I applaud you for thinking about these things now and the what is can happen if things change or do not go for the better. It is much easier to have the discussions when a decision is not required to be made and figure out how to resolve them now compared to when the time comes.