Hi folks - looking for opinions on a current decision I am faced with. Normally this would be a big no for me for a personal residence, but want to think it through some more.
We are in the process of purchasing a new construction 4/5 cabin in Gatlinburg. Good views - not million-dollar but very good. Modern style farmhouse cabin finished well, will be a higher-end rental. When I went for a walk-through last week the builder/seller casually mentioned that the road is shared, and there should be a shared agreement with other owners, etc. That being said no one can locate this shared agreement. I have had the title co. confirm that it's not county/state etc. They also cannot find anything about a shared agreement. The latest from the title Co is "let me see if we can put together a shared ownership agreement". The problem here is someone has to track down all owners and then get them to agree to a proposed road maintenance/plowing agreement. The road is about 1/4 mile with about 9 lots/cabins. Not a task that can possibly be done by closing - or maybe even this year. And the road is showing signs of wear and tear.
The deal is a decent deal, with lots of potential to be a very successful STR. This is our first one, so I really do not want any challenges that I can avoid, as I am sure there will be many more to come as we launch. This was not disclosed in the listing or anytime during the contract process.
What do you all think? Am I overthinking this, or is this a no-go out there.
thanks - Vincent
