Quote:
Originally Posted by thinkxingu
Other than the complexity of your plan vs. selling outright, there are two other concerns I'd have:
1. Putting YOUR money into a family endeavor. That complicates the finances in terms of ROI distribution, ownership, etc. (beyond the initial complications you already address).
2. The reality of making the level of money your father is looking to make via renting. I'm not sure what a three-bedroom home on the lake would rent for, but it would only fetch "premium" rates for a couple months a year, and the rest of the year—the coldest/most energy demanding—would be empty or much less lucrative. After subtracting taxes, maintenance, repairs, cleaning, and management fees, the money just might not be there. I mean, a single replacement roof could possibly wipe out a year's rental profits, right?
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I'll be very honest and above all transparent. as a contractor up here for 25 years I wouldn't touch your project. and I'll tell you why. when the family gets involved there's so many different opinions, attitudes and the way things need to be done or better known as EGO. I'm sorry I realize how this sounds but its spot on. you'll find a younger person that is still learning but an experienced individual won't get involved. I wish you all the luck in the world. it's a shame what's has happened up here enjoy your family camp for what it was intended for Family. sorry to be harsh but I have seen these scenarios and have walked away from every one of them. best