Anyone have anything to say about joint-ownership/joint mortgages? Particularily when buying from a relative? My grandparents have a cottage on Lake Michigan that's been on the market for a few years. It was priced too high and its not the kind of place you would be buying if you were looking for a summer home mid- or post-recession (its a classic old cottage and guest house, but the lot is not ideal to bulldoze and put up a McLakehouse which has happened to all of the nearby plots that sold). Unfortunately, they keep dropping the price and it is going to sell eventually--probably this year. Basically, my grandparents now live on the east coast and are *old* (to the point where it really prevents their enjoyment of the property)...they are done with it, don't want to have anything to do with it, and want their pile of cash. Nobody wants to see it go away but neither my parents, nor my aunt's family can buy it outright. I can't afford it myself either, but there has been some discussion of a joint purchase. Are there any clever ways to structure this in a mutually beneficial way? My grandpa is curmudgeonly and wants cash; I don't think he'd be happy with a payment plan of some sort, so a bank is going to have to be involved. If there's a real mortgage on the property with joint ownership, what happens to things like taxes? Can I still take interest deductions? What about the first time homebuyer credit for me (no, I wouldn't actually live there full-time, but I don't own any other property and I could go and get a Michigan driver's license if necessary). Or is this the kind of thing where you just run away? It has strong sentimental value, but the fact that it is still on the market indicates that it is overpriced (don't know what the family discount would really be).