1. Anyone have any experience good, bad, or indifferent?

2. Would love to buy a place here but looking to form an LLC and split it equally with 2-3 families.

Visited for a few days several years back and it was very nice. It's grown significantly since then and suspect they have plans to expand further but haven't tried to keep up with it as we decided it's not what we are looking for community-wise. We went during the week so there was almost no one around (which was nice) as these are primarily second homes for Dallas/Park Cities folks so expect much bigger crowds Thurs-Sun. It's a country club on the lake and they don't allow STR if you would be considering that, not sure if the fractional ownership/LLC thing would pose any issues. Depending on what your are looking for (privacy vs neighborhood setting) and your scene (low key vs lots of people & activity) it may be great or you may not like it. At that time they gave you 4 yrs to build on your lot or would repurchase the lot at price paid.

Surprised no more input…. Might try cross posting on Real Estate forum?

May not be a lot of info due to price point. There aren't a ton of people with that scratch to put towards a second home. We have a place on cedar creek a few coves south of the spill way and love it. It is chaotic and hard to get out there but the time we do spend out there is a ton of fun for the kids/.families.

Ol Jock 99 said:

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but looking to form an LLC and split it equally with 2-3 families

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Not saying it can't work, but be careful here.

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Yeah. And think long term. Don't ask yourself if you want to split a lake house with a few other families next year. Ask yourself if you want to be splitting a lake house with a few other families 5 years from now, 10 years from now, 20 years from now, etc.

Do the math on how old everyone will be. How old the kids will be. How many job changes, booms, busts, relos, etc etc.

You have virtually no visibility into potential downsides of entering into such arrangement.

So I have located an off market property in LC. Priced well below market value due to circumstances with the seller. It is actually a 3/3 town home. 2100 sq feet.

Perfect for smaller families. As mentioned I am looking to split ownership. costs, usage, etc 50/50. Of course all will be put in writing with a clear understanding.

In terms of exit strategy, I am thinking 5 years. At that time property is listed or either party can buy out the other at fair/agreed on market value.

TIA!!!

What if both want it after 5 years?
What happens if one party gets divorced, dies, sick and can't keep up their 50%, doesn't take care of as well as you do...

Not saying it can't work...but...no way I'd do it.

MAS444 said:

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What if both want it after 5 years?
What happens if one party gets divorced, dies, sick and can't keep up their 50%, doesn't take care of as well as you do...

Not saying it can't work...but...no way I'd do it.

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I hear you and all are valid points. Going to have to do your best to get everything in writing as best you can but at the end of the day stuff happens.

Regarding the exit... Have a clause that if both want it after five years, the agreement is then renewed. Several ways to skin a cat but yes things can go south, thus you do your very best to find the ideal like-minded partner and get everything in writing.

I've given it lots of thought and have friends who have proposed doing deals like this. It's certainly enticing as a great way to make vacation/second home properties MUCH more affordable. Good luck with it. Keep us posted if you move forward.