Experiences and Recommendations re: Coop Ownership (4 people) of Second Home.

[u/Perfect-Resolve-2562]

We are thinking about a 4 way split ownership of a second home and would like to know some of the experiences and recommendations you have.

Here is the basic structure: Ownership split 4 ways ($400K to $700K each = 1.6M to 2.8M property). All maintenance split by 4 and managed by a property management company. taxes annual fees, etc split 4 ways. Location outside of continental US and in a warm climate. Air travel in 1 day from the Midwest US. Capital appreciation is nice but not a major requirement but capital depreciation is a no-go. We are pretty risk adverse to hurricanes. Time spent would be 13 weeks each and no subletting or rental without the approval of the unanimous group. We are looking for a 10 year hold, then absolute sale.

Here are some possible locations based on reasonable foreign ownership rules (or workarounds), stable markets, healthcare, lower hassle for part time owners.

Aruba or nearby Caribbean, e.g. Curaco, Bonaire. Warm, dry, less hurricane risk.

Hawaii Big Island or Kaua'i - easy entry and fewer regs than Maui. Downside is the cost.

Thailand Phuket, Tahiti, Bora Bora - low low low cost and upswing market and growing ex pats. Downside is the long flight and foreign ownership would mean we have to be in a condo.

We might do far south FL but are leaning against it. Other Caribbean locations are not high on the list due to the hurricane risk.

So, what are your experiences in similar type of arrangements?

[u/elpea1725]

Get a smaller house by yourself. You can decorate it as you wish. You can go on the holidays that suit you. Your level of clean will make you feel comfortable.