Renting in New York City is costly, making home buying solo impossible for many. Selena Lounds, 46, teamed up with a friend to purchase a home in the Hudson Valley for $565,000. They split costs and managed the property as a business, generating revenue from Airbnb. (1)

Co-buying with a friend can be a smart move, but it comes with risks. To protect your investment and friendship, establish clear ownership shares, financial responsibilities, and exit strategies in a formal operating agreement. Treat the property like a business asset and communicate openly to avoid conflicts.

Regular check-ins, financial stability assessments, and joint decision-making are vital when co-buying. Success requires careful planning, strong contracts, and open communication. When done right, co-investing with a friend can be a valuable path to homeownership. (1)

Read more at Yahoo Finance: As housing prices spike, one Big Apple renter teamed up with a friend to become a happy homeowner in the Hudson Valley