I have multiple clients looking at co-owning Arizona real estate. It is an ideal way to go for great friends to own a vacation or rental home in today's environment. All the ingredients are there, people have less money to invest on their own, housing prices are still low, qualifying for a mortgage is more difficult for many.
I recently sold a vacation home to two family's and they are thrilled at the amount of home they were able to purchase together vs what they were able to afford on their own. A two family purchase can buy more home, spread the costs of ownership, and make maintenance more affordable.
It makes sense for another reason. Many vacation homes are occupied sporadically throughout the year and in total, end up being occupied less than half of a year. When two family's own a property, they can make better utility of the property by alternating their stays. This provides for more exposure to our communities in Arizona. The more people that are exposed to this great state, the more people will contribute to the Arizona economy.
In addition, the exposure that two families can make to a realtor's referrals goes without saying. Two familys are more likely to expose twice as many people to their new neighborhood and community that just one. I have found that to be the case with the development of my referral base from just one, two family sale.
Speaking of referrals, remember I offer a 30% referral fee to licensed real estate agents.