Cohousing-L Mailing List: Ownership and principal

[ann (ann]

We've been contemplating buying a duplex or triplex with friends, thus 
forming a teeny tiny cohousing community.  In this area, purchasing a 
duplex or triplex would actually happen on a single loan initially, until 
we created legal condos.  So...here's the question...some of the properties 
we've seen have units of unequal size, and, also, we would all like to be 
able to pay extra principal as we can.  The thing is, we're all on one 
loan.  If principal is the only criteria for ownership, you can get into 
strange situations where one family begins to own disproportionately more 
and more of the undivided property by paying small amounts of extra 
principal...the potential for strangeness is increased when the units are 
of unequal size and thus the families are paying unequal portions of the 
monthly payments...any ideas on good ways to handle this?  If we just 
decide not ever to pay extra principal, it's easy, but we'd like to pay the 
loan off more quickly if we can.


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