Up until last summer, my husband and I owned a large boat with another couple. We didn't know each other very well, but after weeks of conversations, many bottles of wine and warnings from friends and family, we four decided to take the leap. It turned out to be one of the best experiences of our lives, providing us with the capability of owning a vessel previously out of our reach and making lifelong friends to boot. Owning a vacation home with partners is not so different – just on a larger scale and without the water.

It's no secret that homeownership on Anna Maria Island has changed dramatically during the past decade from full time and second home seasonal owners to vacation second home owners. There's no reason to believe that this is going to change anytime soon, so if you're interested in purchasing a home with a partner or partners, you need to ask a lot of questions.

First of all, even if your potential partners are your best friends or your closest relatives, you still need to set written and legal guidelines. The majority of partnership arrangements are setup as a limited liability corporation, LLC, providing limited liability, tax advantages and partnership flexibility. All real estate transactions should be approached from a non-emotional businesslike prospective, but this is especially true of property held jointly by partners.

In addition to the LLC documentation, you need to work with an attorney to work up a usage agreement. This separate agreement needs to specifically outline when the property will be occupied by which owner, who among the owners' family members is permitted to use the property and specifics about clean up after occupancy. Think how you would feel walking into the house or condo after your partner's college age kids threw a party the night before.

Likewise, the method of funding the expenses to run the property needs to be agreed upon. Will each partner place funds in a joint account monthly or annually or will you just pay bills as they come in? Equally as important is who is responsible to pay the bills and keep track of things like insurance premiums, taxes, association fees and mortgage payments?

And speaking of mortgage payments, if buying the vacation property is not a cash transaction like 38 percent of vacation homes per the National Association of Realtors, things are really going to get complicated. Vacation properties, like most second home properties, will require at least a 20 percent down payment, and even if you're planning on forming an LLC, the individual partners will need to apply and qualify for the mortgage based on their income and debts. Since qualification is based on the borrower with the least desirable credit score, you as a partner could end up either not getting the loan or paying a higher rate if your partner has a few financial skeletons in his closet.

Finally, creating an exit strategy is imperative, whether it's exiting by death or if one of the partners just wants out. For example, if one of the partners passes away, does the other partner have the option to buy out the spouse or family of the deceased or does the property get sold? And like all estate planning, this arrangement needs to be disclosed to everyone involved in your personal estate.

Just like my boat partnership, property partnerships can be a great way to get something you otherwise would not be able to. It does come with the potential of conflict, but with the help of an experienced attorney, taking the time to hammer out a detailed plan and several bottles of wine, it's a great idea.