My siblings and I are planning to buy a condo for the primary use of our mother for the remainder of her life. The intention is to share the cost of acquisition, as well as sharing expenses (some of which are deductible, such as taxes-so we also wish to share the advantages of deduction). When the condo is no longer needed, it will be sold and the profit and/or loss again shared. My question is: what is the best way to do this? Should we consider a formal partnership? Are the costs of setting up such a partnership worth it? What would it cost and what real advantages/disadvantages would there be? Has anyone any experience with a similar situation? Any informed input would be appreciated.
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