Cohousing-L Mailing List: Farm LLC + private residences: ideas for agreements

[Lj Celery (ljcelery]

We are looking for someone to point us in the right direction, perhaps a 
consultant or advisor? 

We are a group of 3 shareholders in a Farm LLC in West Virginia, 5 years old. 
Currently none of the shareholders live at the property. We want to put in 
place the legal structures so that current and potentially future shareholders 
can have the option to build a private residence on the shared property. 
Essentially creating a co-housing/shared living arrangement. We'd like the 
property to remain intact and belonging to the LLC, rather than parceling it 
out for individual lots owned separately from the LLC. But we need an 
arrangement that banks will understand and be willing to provide 
loans/mortgages for folks wanting to build or buy a home on the property. We do 
not expect the number of shareholders or private residences to exceed 5, and 
expect the footprints of the homes to be small, with potentially a 1/10acre 
"lot" area for the use of the residents around the home. 

I've heard of proprietary ground lease agreements. Are these a good direction? 
What are the pros and cons? 

Are there other arrangements that suit our situation better? We're digging for 
options and recommendations. 

Thoughts or ideas we should explore?

kind regards, 
Leah in WV