Cohousing-L Mailing List: Buying Homes from LLC

[Jasmine Gold (juturna]

We are preparing to place an offer on a property that just came on the
market in Mountain View, California! It is a 1 acre property that
currently has 12 units on it. If we can afford it, we will also make an
offer on the 0.5 acre property next door with two units. Some of us are
planning to move in now with minor retrofitting while we prepare to tear
it down in order to rebuild it in a better cohousing configuration with
more units of varying sizes. We plan to form an LLC to buy it.

However, we aren't sure how to handle things from there. Has anybody
been in this situation? How did you handle shares? Did you rent a unit
from the LLC and also pay your portion of the mortgage? Did you figure
out the value of your home and just pay a portion of the mortgage based
on that and no rent? Are we able to deduct the interest on the mortgage
if we pay rent?

We don't want to become a condo yet since we plan to tear down the units
so I guess we will be similar to a co-op. Is there some list that would
be more appropriate to post this to?

Please send your replies to me directly at juturna [at] ix.netcom.com since I
subscribe to the digest and would like to get replies sooner.

Thank you.

--Jasmine Gold