Looking into purchase an oceanfront condo in a resort area (South Beach-Miami or maybe Cancun) and sell off 1/13th ownership interests to folks looking to use as vacation spot. Better than a timeshare because they have true ownership (deeded) and makes it more affordable for them as well. Allows them to build equity and they can rent the weeks they don’t use.
I’m thinking of buying something over the next month for around $600K and then selling 4-week blocks (1/13th) for around $60-70K depending on the season. Will most like be new contruction (may even look at the Trump Resort going up in Sunny Isle, Fl).
Anyone have any insights into the above concept? Does this sound plausible? Do you see any major pittfalls? Trying to get as much input as possible beforehand. Appreciate any insights. Also, trying to find any investor who may be interested in joining (have a few interested co-workers and we’ve just begun discussions).