I am looking at starting a small cruising yacht syndicate here in Adelaide Australia
. This would be a private use, time share syndication basically to share costs and ensure the yacht gets reasonable use. I am looking for 3 or 4 shares at around $50K.
Do you have experience with syndication?
What has been your experience?
structure (if any) did you set up to administer the group? A contract
note or a partnership
Is a legal
structure really necessary for 3 or 4 members?
What about insurance
hassels for those unforseen disasters?
Did anyone decide not to pull their weight?
How much of the maintenance
did you do as a group and how much was contracted out?
How long did it last and would you do it again?
How did you handle the provisions regarding selling a share when one party wants "out".
Let me benefit from your experiences... all comments welcome.