Brother to live in our jointly owned duplex.

[Max Richardson]

My neighbor and my properties share a driveway, and this has been a source of friction ever since we bought the house. The neighbor passed away and the family of the neighbor want to unload the property as quickly as they can. I see this as an opportunity to buy an investment property that cash flows, but also have more power over how the shared driveway is utilized. I don’t have enough cash to buy the house outright so I have been considering partners, and when I brought the situation up to my brother he was interested. However, he wants to live in the house so we wouldn’t be renting it out to a third-party. I was wondering if anyone has experience setting up a partnership structure where one of the investors also lives in the property. Also, the capital split that we will be putting into purchasing the property is 75% coming from me 25% from my brother. To complicate things further The capital discrepancy will get skewed even further as the property needs some renovations. Oh yeah and did I mention that there is a one bedroom apartment on the property that we will also be renting out? There are a lot of moving parts on this one and my level of experience is limited. Any help or advice would be greatly appreciated. Thanks in advance! Max.