Multi-owner deer camp/hunting property; anyone doing it?
As of mid-May 2007, my buddy and I will be losing our hunting area in northern MI. It is his parents' property and they must sell so we are forced to find another area, either private or public. We're not thrilledabout hunting on public land. This is sad since this is where I first learned to hunt and it is near my family's cabin, so it was the ideal get-away for a couple guys to go hunting for a few days. Fortunately, we aren't totally up a creek. Another good buddy and deer hunting companion to both of us has his family'sfarm near Lansing, MI.......but again, this is his grandparents'property and they won't be around much longer. It is unsaid as to what will happen to the farm since my buddy is the grandson and there are 3 sons (couple of which make life difficult for the family). If something has been said, it's only verbal, nothing on paper.
So I have voiced an interest in going in together and buying landin MI that would be OURS!I have no idea what would be involved other than the 3 of us may have to form a LLC, so it would be 1 entity buying the land, not 3. All of us are employed (we're 27-30 yrs. old) but none of us have enough money to do it alone, so it would have to be a group effort to be doable.
So, is there anyone here who is part of a multi-owner group for their deer hunting land? Can you comment on the good, the bad and the ugly aspects of it? Anyone who isn't in this position but can/would like to comment?
I could see it working very nicely as longas there aredocuments and agreements made prior to going into it, and everyone respects and abides to those agreements. However, I could see bad things happening if friends can't come to an agreement on something with money and property involved (e.g. families get bigger and someone wants to cleartrees to putup a vacation cabin when others do not, someone wants to clear timber for extra cash when others want to see the land unmolested, someone's wife starts sticking her 2 cents in when it isn't welcomed, etc.)
At thispoint it's just a thought, but property is almost always agood investment and I don't want to end up not being able to hunt after many years of learning and coming to love the time outside and with friends.
Thanks!