Horrible, horrible idea for almost everyone. I know a woman who did this with 3 co workers, they were going to flip the property after doing a bunch of renovations. Guess what, all her coworkers turned out to be flakes and couldn’t make it work, so she’s doing all the renovation herself! No idea how the finances were structured, but based on the experience level of those involved, I’m fearing the words ‘jointly and severally liable’ may apply.
Exception: getting downpayment assistance from parents is probably ok.
