I think it is a good way to end a friendship.
These kinds of deals between friends and family often end in disaster.
I can think of about 10 questions quickly that could end that friendship.
Just way way way too many things that can go wrong.
If you both have excellent credit and no debt I am thinking you are
making really good with your finances, making good money and great savers.
Why don't one of you just wait another year or so, save the purchase price and pay cash.
Or take a home equity loan and pay cash.
Then if the other family makes it out to the land, sell them 1/2...the exact 1/2 they want or
you want to sell.
The second best way to lose a friend and potentially some great money is buy land together.
1st way is to lend your friend money.
The biggest problems we have to handle here are exactly these kinds of transactions between
friends and relatives.
Sorry for the bad news....
Realtor, GRI, CSSN
John Hall & Associates
You need confirm with city prior purchasing land you can place a manufactured home on property .
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors