shared ownership of rental property bad idea?

hi all. let me tell you alittle bit about myself. im a 25 year old who still lives with his parents in the state of PA. i have no bills. no debt. through hard work and managing my money, i myself, have saved $120K. now i was looking for a house for myself in the 140k range but have recently quit searching. i decided i want to try and possibly make something of my money, invest it if you will or try to. i dont have much faith in the way the economy is going and dont like my money sitting in the bank. im currently looking for something in the $60k range that i could rent out and make alittle money with. something small to start out. i myself am pretty handy with my hands…im not afraid to tackle jobs and i have friends in all trades of the construction industry. im not afraid of alittle hard work is what im getting at, but thats alittle besides the point. i was wondering what you guys think about this deal. ( good idea? bad idea? why? thanks alot for any input!

Very bad idea. Partnerships experience a high percentage of failures. The only person you should ever partner with in a real estate deal is your spouse.

If his rental is such a great deal, why does he need a partner? Perhaps because it isn’t really paying for itself?

If you need to sell, selling half of a vacation rental is going to be extremely difficult, if not impossible.

The photos look like it’s a condo. Condos do not make good rentals because of problems with the HOA.

Any other questions?

no more questions at this time but thank you very much for your opinion on the matter. i think you may be right as in “why would someone need a partner if its reelin’ in business?”

I completely agree with taterot. It’s not paying off the partner seeker. So needs some backup and new cash to inject into the business. If you wish start your own. All the best.

It may be the guy needs cash for something and figures he can raise it by only selling 1/2 his property. Might not be a property issue at all. If you were a busy doctor or something then this MIGHT be a good deal = but you are a young guy that can better make $$ actively investing, doing renos etc. Use your cash to buy a real good deal and then do it again.

thanks all for your input. i believe you are steering me in the right direction from this.

YES a VERY bad idea-you can get single family homes for $60k-do it on your own and put in an LLC or a self directed IRA for your protection.