28 owners share in 9 two bedroom units, when owners are not using the property the units are rented out and the revenues generated are shared and used to cover operating costs such as maintenance fees, property tax and housekeeping for owner stays.
Owners have unlimited use of the property during the shoulder and off-season. During peak season owners may use the unit for up to 28 days in the winter and 28 days in the summer. There are no blackout dates or fixed use times, and owners get preferred reservations before the property is opened up to rental guests.
Owners are assigned a deed (quarter share) of a particular unit. There are 36 shares in the building; eight are owned by the owners as a group and 28 are deeded to individuals.
The owners become members in two LLC's, end of year tax accounting is straightforward and easy through two K-1 statements.