My group has a five year plan to own a commune-style property. It's surprisingly difficult to find DETAILED information on where to begin, relevant to our specific plan, at least. The plan looks like:
- 7 unrelated adults (3 couples, 1 single) intend to share a large, "single-family" home on a piece of property. (Looking at 5k sqft)
- We will all maintain our day-jobs until we can build enough equity/self sufficiency into the property to divest ourselves of that need.
- We dont qualify for 501d due to the non-religious nature and lack of a shared business income.
We want to try for tenency in common but most resources I've found say that only 3 people can apply. (No 3 of us have the income to qualify for the loan we would need)
Does anyone have any advice about what kind of lenders and attorneys to talk to about these things? Do you just call banks and tell them what you want to do until someone doesn't laugh? We just want know how to get this off the ground.
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