I'm Planning on buying a house with my sister (I can trust her and she wont bring people home and destroy my stuff)
we were also thinking about getting a roommate (a friend or someone else we know)
I just had a few questions about the whole situation
-what would happen if one of us got sued or filed for bankruptcy?
-would it have to be classified as rental property if we did have a roommate?
-would the property depreciate in value because it is classified as rental property?
P.S. the mortgage would be in both my name and my sisters name
we were also thinking about getting a roommate (a friend or someone else we know)
I just had a few questions about the whole situation
-what would happen if one of us got sued or filed for bankruptcy?
-would it have to be classified as rental property if we did have a roommate?
-would the property depreciate in value because it is classified as rental property?
P.S. the mortgage would be in both my name and my sisters name