Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Hi allI'm interested in getting some of the community's thoughts on buying a co-ownership in a higher end property to use as a vacation rental. 

It is an opportunity to increase our ownership of great companies with great management at good prices.” - OK Warren Buffett, you got it.

The Director of Compliance didn't take ownership, blamed others (on HER team) and didn't hold her team members accountable for their actions - not an effective team.  

Why would somebody sign on the loan, but not have any sort of ownership in the business (which is what happens if they're not a part of the LLC)?

You would have to take title in your/husbands name and use a quit clam deed to transfer ownership to the LLC after closing.  

The plan was to create a Montana LLC, purchase the property with the LLC, and run the investment as a business as a way to keep things organized in a single entity that the 3 of us have equal ownership of.

Held the house for a few years (past the required ownership for taxation), and listed for sale.

I've been thinking about getting a partner to pay for the rehab in exchange for a percentage of ownership, but I'd hate to give up the cashflow when it's fixed up. 

An attorney for ownership structure, contract review, etc.4.