My wife and I are in the early stages of contemplating doing a duplex development with our daughter and her partner.
Our tentative plan is to buy a knockdown, do the development, move in and then after 12 months sell and do it all again or wait until there is sufficient equity in the first property (plus new savings) and do a further development as a pure IP. There is a clear understanding that once the first property is complete either party is free to make their own decisions re the next steps.
Some questions:
1. What is the best way to buy the knockdown?
2. Do we buy it jointly or does one party make the initial purchase and then do the subdivision?
3. What are the financial/legal implications?
4. Is 18 months a reasonable timeframe from acquisition to moving in?
Any help and or guidance would be greatly appreciated.
Our tentative plan is to buy a knockdown, do the development, move in and then after 12 months sell and do it all again or wait until there is sufficient equity in the first property (plus new savings) and do a further development as a pure IP. There is a clear understanding that once the first property is complete either party is free to make their own decisions re the next steps.
Some questions:
1. What is the best way to buy the knockdown?
2. Do we buy it jointly or does one party make the initial purchase and then do the subdivision?
3. What are the financial/legal implications?
4. Is 18 months a reasonable timeframe from acquisition to moving in?
Any help and or guidance would be greatly appreciated.