Sharing the Purchase of a Vacation Home

Sharing a vacation home seems like such a naturally great idea.

You and a few college buddies or a cousin, sibling or two decide to pool your resources and purchase a ski condo in Park City, a beach cottage in North Carolina or maybe a nice piece of land near a lake in Wisconsin with the thought that in a few years, you can put up a vacation house there.

But purchasing real estate with people you like and/or love can create the kind of problems that end those valued relationships. Dreams of good times, shared vacations and watching everyone's kids grow up together can be replaced with broken furniture, angry calls about "holiday hogging" and even process servers delivering those headache-inducing lawsuits.

So how can you buy property with others and end up not hating each other? Here are a few tips on how to take advantage of the real estate market with friends and end up staying friends. ...