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Tenancy-in-Common is a formal, legal, agreement between two or more people to jointly own a house; What I’m proposing is:

Two duplexes. Upper duplex will have 2 full baths and 2 (or 3, depending) bedrooms, 1500 sq ft. W/d in apartment. Renovated. I occupy the lower duplex which includes the garden and parlor-floor deck, I figure I can say its 55% or so; the upper duplex is therefore 45% or so. Approx $650k. Maintenance $595/mon (incl RE taxes, insurance, gas heat etc.)

If partner has 40% down, they can simply take over the existing mortgage, at present roughly $375k. Obviously all tax advantages go to the payer.

Here’s the anti-sales-pitch: Tenancy-in-Common implies a higher degree of trust between the parties than a condo/co-op arrangement; also it’s going to be harder to sell/get out of it. Legally, there will be a defined exit strategy (sale/right-of-first-refusal whatever) so one is protected, but still…

So: Pluses: simple/ less paperwork/ definitely getting a better deal than an equivalent co-op.
Minuses: hard to sell, partners have to get along well.

Any serious inquires? Reply to cmurthi [youknowwhat] seeinggreen.net