Hey folks, seeking out some new information.

Background: Would like to buy a property with my buddy out-of-state for us both to share part-time use in. We are going to buy a cheap house in the Houston area for my buddy and I to use as well as invite one or two other co-workers to use a few nights a month as a "crash pad."

Questions: Has anyone done this type of thing and can put some advice on the table? How much money should we put down? Verify that we can qualify this as a second home v. an investment property? How much will it cost to LLC this idea?

Thanks for the information.