My family and another family are considering the purchase and joint
ownership of lakefront vacation property located in another state
approximately 2 hours from our primary residences. Our main objective
is to share, use and enjoy the property, our secondary goal is to see
that the property either maintains it?s value or appreciates. This
would not be a time-share arrangement, but joint ownership.

I am seeking information on how to avoid and/or address some of the
most common pitfalls in joint property ownership. Here are some of the
topics I would like to see covered;

-Joint acquisition/ownership strategies ( how should ownership be
drawn up/titled )

- Property use considerations; e.g. should there be a written
agreement as to general usage guidelines, agreements on things such
as: use and maintenance of a boat, 3rd party usage?

- Conflict resolution; written guidelines/agreement on how to amicably
resolve problems and/or disputes that may arise

- Property disposition; provisions for things such as; sale of the
property, what to do in case of financial hardship of one of owners,
what to do in case of death of one of the owners, other such
considerations

A good answer would include general advice, things to think about in
this regard and suggestions on how to solve these issues.

A Great answer would also include links to sample written agreements
or language that would address many of these issues. A great answer
will receive 5 stars and a generous tip.