How do 2 families buy one house?

[TeribleTed]

What is the name of your state? Missouri.
Me and my wife own and have a mortgage on our home. It is a big house on 26 acres. We want my brother and his wife to move in with us. Ya sounds funny but its just a economical thing... How could we legally put there names on this mortgage or re-purchase this house with all of us on the mortgage. Me and my wife and my brother and his wife owning this home together. How could that be done? or can it be done? I want all of us to legally own this home and all of us would upkeep and invest in this house in the future. And if we did this, how would the taxes work? Would this be able to be done. Would we might have to form a L Corporation? or something? Please if you have any ideas I would greatly appreciate it. Thanks alot?

 

[rainmand]

You'll need to refinance your house and all four will need to qualify for the loan. On the loan application, there'll be one borrower and 3 co-borrowers. That way all 4 will be on the Note and Title. You'll all be able to split tax benefits and share equity evenly.