I have jointly purchased an income property with two family members. We rent out daily/weekly for vacationers. I would like to create an emergency account for maintenance, the deal I made was we each contribute an extra $100 more than the payment per month until we have say $20k in the account. If our income through renting covers the payment plus $300 then nobody needs to contribute personally. My question really wasn't about the plan but if you want to comment about that feel free.
Main question is if there is any type of account we should be using, will just a standard savings account do? Should it be a joint account so not one person has the tax burden of that account (if there is any).
Submitted January 24, 2017 at 10:24AM by cforce1 http://ift.tt/2j0ScR3
