In addition to being a sales manager for Century 21 All Islands, I have been a licensed attorney in another state for almost 30 years. Spend a few dollars and visit with a good local attorney before all the documents are signed. You'll feel a lot better about such a big investment.
1. Who will be making the payments?
2. Who is contributing to the down payment?
3. How do you split the profit/loss when you sell the home?
4. What happens if one partner can no longer make his/her portion of the payment?
5. Who pays for improvements to the home?
6. How do you settle a dispute about the ownership of the property?
Since everyone's situation is unique to themselves, including your own, you would be best advised to sit down with a real estate attorney. I would encourage you to buy an hour of the attorney's time so you can make a sound decision. When you talk to the attorney, ask about the idea of a joint-tenancy agreement (it should address many of the questioned that I have posed to you).
74-5620 Palani Court; Suite 208
Kailua Kona, HI 96740
Phone: (808) 331-0585
Fax: (808) 331-0583