Q: What is the best way to buy a communal house w/multiple people- LLC, cooperative corporation, non-profit?
This house already functions as a co-operative. The current owners are selling and past residents would like to organize to purchase the property. This will need to be done fairly quickly. We have the funds for a down payment and to do some repairs however we'd like to know the best way to move forward to get a loan.
A: Assuming that the "financing" will support it, the initial answer would be the LLC ... which, depending upon how the LLC Operating Agreement is drafted, will allow relatively easy "in & out" of LLC Members and some level of asset protection for the individuals. The best next step is for you to schedule a free initial video call with at least two attorneys of your choice ... let us know how we can be of assistance ... thank you.
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