Should You Become a Co-Ho?

That is, a communal homeowner. The ups and downs of buying a house with friends. Is it financial insanity?

Sam Holden for TIME

Stuart Katz, left, and Jeff Kovack, college friends who bought a place in Baltimore.

Stuart Katz and Jeff Kovack met at Ohio State. They quickly hit it off. The pair joined the same fraternity, and after graduation, both moved to Baltimore, where they became roommates. Then a year ago in April, the 25-year-olds took the next step: they bought a house together.

But no, this isn't that story. This is the story of friends--just friends--who buy houses together because they are young and don't have a lot of money but smell opportunity in a soft real estate market and want to start building equity ASAP, even if it comes before the wife, kids and golden...

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