So, we're not a family of dummies ...well maybe. Building a family compound has been a topic with DH, his siblings, and his parents for years and we are finally approaching the time when everyone is settled and financially in the position to be able to start some serious planning. With the vast fountain of knowledge that is the internet, I haven't been able to really find any good material on compound planning. I was wondering if anyone could point me in the right direction or if any of you mustachians have any personal insight.
Brief overview:
- 4 families would be building 4 separate homes around a circular drive.
- We would all go in on a land purchase of 10+ acres.
- In the middle of the circular drive, we would have a community property with a clubhouse, grilling area, and toolshed/pole barn. Utilities will be paid through an escrow funded by monthly dues, like association fees. Two signatures will be required to pay from the escrow fund, other than the regularly scheduled utility bills. I am considering an LLC for the common area assets and funds. It would be great if we could rent the property occasionally for weddings and then have a business write-off, but I don't know if any of us wants to fool with that yet. This can happen much later down the road, since I don't think the community property will be developed until all of our houses are built and we have capital to spare again.
- Written agreement/contract regarding the occupancy and sale of houses, including in case of divorce. I really don't think this will be an issue until our children's generation, but it will be good to have all the major "what ifs" covered.
We've also already discussed the possibility of squabbles and giving each other personal space, etc. We see each other all the time anyways, and now that everyone has kids, it will make it so much easier for childcare, gardening, and lots of other good mustachian economies of scale. I am just worried about all the actual logistics of buying land, running utilities if the property is undeveloped, the process of building four homes, etc. Any guidance is welcome!