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I think if you intend to share the equity (and the tax deductions), you should own it as Tenants in Common. That way, each sibling can transfer their share to whomever they wish. If you own it as Joint Tenants with Right of Survivorship (JTRS), then upon the death of a sibling, the remaining two siblings would inherit their unfortunate sibling's share, so each would own half. Any wives, children, etc. would be left out of the inheritance.

I don't know about the partnership aspect, so it may be better than either of the above two options.

-- docman52
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