Buying a home with 4 other adults: advice and resources needed! Buying in the Washington DC/MD area.
4 close friends and I want to purchase a large house to be a group home for 5-6 people. None of us have ever bought a house before. This will be an intentional community and shared space where we live, and a potential jumping-off point for more serious group living in a few years. We are in our late 20's to early 30's.
Our main motivations are to build equity, own a sweet-ass place that we love, and continue to grow our community. Almost all of the members of this group have lived in rental group house situations for years, so the basics of a space (the size of the house, ratio of bathrooms to bedrooms, number of kitchen spaces etc.) have been worked out.
What we need are more specific legal options for formation of a corporation or nonprofit organization, as we think this might be the best way to safely do this. We also feel that banks and realtors might take us more seriously if we form some sort of LLC or organization.
What resources are required (money, bylaws, certifications, approvals, etc)?
What Federal, State and Non-Profit Homebuyer Assistance Programs are out there? (We know of HUD
Have you ever bought a home with more than one other adult before and have a "I wish I knew this when..." experience?