My landlord died and their children are selling the building (NYC). I have investors interested in purchasing my building with me but I have no idea how to begin.

My landlord (LLC comprised of the former landlord’s children) whom I’m on good terms with (NYC) is selling my building. I have been saving to buy a place but the price for the building in total is way out of my individual range. I have wealthier friends who want to invest in the property with me, but I have no idea how such a thing would be structured. I assume we would start an LLC and each contribute to the down payment, but what happens after that? How is such an LLC normally structured? Would a bank loan money to an LLC? How would I pay the investors back? Is there a special type of lawyer I should look for who handles this kind of thing?

submitted by /u/llchomebuyer
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My landlord (LLC comprised of the former landlord’s children) whom I’m on good terms with (NYC) is selling my building. I have been saving to buy a place but the price for the building in total is way out of my individual range. I have wealthier friends who want to invest in the property with me, but I have no idea how such a thing would be structured. I assume we would start an LLC and each contribute to the down payment, but what happens after that? How is such an LLC normally structured? Would a bank loan money to an LLC? How would I pay the investors back? Is there a special type of lawyer I should look for who handles this kind of thing? submitted by /u/llchomebuyer [link] [comments]

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