Buyer’s Guide
How to buy a co-ownership share in the United States
The property-specific LLC, what the US market does better and worse than Europe, what it costs across the 107 American homes we list, and the steps in order.
The short version: you buy a share in a property-specific LLC that already owns the house — typically a Delaware or property-state LLC. Because the LLC already owns it, your purchase is not a real-estate transfer and does not trigger transfer taxes again. We list 107 homes in the United States across 11 states, from $68,000 — and the US market is different from Europe's in three ways that decide most purchases.
Those three: it is overwhelmingly one operator, Pacaso, with 104 of the 107 homes; the homes are considerably larger and more expensive than Europe's, with a median share of $752,500; and neither operator here allows you to let the home out.
What you would actually own
A US co-ownership home is held by a property-specific limited liability company — one LLC per house, typically registered in Delaware or in the state where the property sits. The LLC owns the real estate. You own a deeded membership interest in the LLC, and that interest carries your usage rights and your claim on the value.
This is the structure European operators copied, and it does three things. It isolates you from the other owners' liabilities — a judgment against one owner attaches to their membership interest, not to the house. It makes shares cleanly transferable without a property conveyance each time. And it keeps the tax filings at company level rather than eight separate ones. What a property-specific LLC is and why it matters is here, and the vehicle used in each country is here.
What you need before you start
Identity and source of funds, for KYC. No foreign tax number is required of a US buyer. A non-US buyer should expect additional documentation and should take US tax advice specifically on the disposal side before buying — the rules for foreign sellers of US real-estate interests are their own subject and we will not summarise them here, because getting them approximately right is worse than not answering.
A view on how the share is classified for tax. Much of the US tax treatment — whether mortgage interest is deductible, whether a 1031 exchange is even theoretically available — turns on whether the LLC is a disregarded entity or a partnership for federal purposes, and on your personal-use versus rental-use percentage. Ask what the classification is. It is a one-line answer that changes several others.
The steps, in order
| Step | What happens | How long |
|---|---|---|
| 1. Choose the home | Compare across operators and states, and visit if you can | As long as you like |
| 2. Reservation agreement | A deposit takes the share off the market | Day 1 |
| 3. Review period | Legal and tax review with your own advisers | 7 to 14 days |
| 4. KYC and documentation | Identity, address, source of funds | 1 to 3 weeks |
| 5. Share-purchase agreement | Signed after review; the LLC operating agreement is the document that matters | 1 to 2 weeks |
| 6. Payment and registration | Wire to escrow; the LLC member register is updated to show you | Days |
| 7. Onboarding | Booking app access, first stay scheduled | Immediately after |
Four to eight weeks for a cash buyer is normal, faster than a whole-property purchase because the LLC and the house already exist. Financing adds four to eight weeks. The seven steps in detail are here.
What it costs
| Operator | Homes | Share price | Nights a year | Where |
|---|---|---|---|---|
| Pacaso | 104 | $175,000 – $2,905,000 median $752,500 |
No set cap | California, Florida, Colorado, Utah, Arizona, Hawaii, Nevada, Oregon, Massachusetts, South Carolina, Wyoming |
| Abitaro | 3 | $68,000 – $100,000 median $80,000 |
~45, as three fifteen-night seasonal blocks | Florida |
Neither US operator publishes its running costs to us, which is the single biggest difference between buying here and buying in Europe. Two of the four European operators do, on every home. In the US you will have to ask for the annual budget, and you should ask before the reservation rather than after.
What that means in practice. Pacaso charges your eighth of the home's real annual budget, billed monthly and trued up at the year end, with the figures coming from the team that runs the house. That is a sound arrangement — it is a pass-through rather than a margin — but it means the number is not knowable until you ask for that specific home. Request the current budget and last year's actual, not an estimate.
Closing costs are low for the same structural reason as in Europe: the transfer taxes were paid when the house went into the LLC, and buying a share of an existing LLC does not trigger them again. Why the share purchase is not a property transfer is explained here.
Tax, honestly
This section describes the structure. It is not tax advice, and US treatment turns on facts specific to you and to the LLC. Engage a CPA before you sign.
Mortgage interest deduction. Possibly available, depending on the LLC's federal tax classification, on whether the property qualifies as a second home for your purposes, on your personal-use versus rental-use percentage, and on whether the mortgage is secured by the real estate or by the LLC interest. It is not a yes or a no in the abstract. The variables are set out here.
1031 exchange. Possible in principle but structurally complex, and most shares held primarily for personal use do not cleanly qualify. Whether yours could depends on the LLC's classification, on investment versus personal use, and on the replacement property. If a 1031 is central to your plan, settle it with your CPA before you reserve, not after. What it turns on is here.
Property tax is paid by the LLC at company level and allocated to owners through the annual fee. You file nothing on the property yourself.
When you sell: capital gains on any gain, taxed as a disposal of a membership interest rather than of real estate directly. More here.
Nights, and the thing the US does better
Pacaso sets no cap on total nights, which is the most generous usage model in the market anywhere. Advance stays are booked from 8 days to 24 months ahead through the app, and short-notice stays — anything 2 to 30 days out — sit on top of those rather than counting against them. There is no annual allocation to run down.
For an owner who lives within driving distance and is willing to book late, that is worth considerably more than a European floor of 44 or 45 nights. It is the strongest single argument for the US model.
Abitaro works differently: three fixed fifteen-night seasonal blocks a year, around 45 nights, which co-owners can exchange between themselves. Less flexible, at roughly a tenth of Pacaso's median price.
Letting, which you cannot
Pacaso does not allow owner rentals. If your reasoning includes covering the running cost by letting the home when you are not in it, the US market we list will not do that for you, and no operator here will negotiate on it. Europe is where the letting-permitted homes are — MYNE and Vivla — and even there the local licence rules bind before the operator's policy does.
Financing
Pacaso arranges financing for up to 70% of the share price with 30% down, set up between the bank and the property LLC rather than in the buyer's own name. Cash works too and is common. Ask us for the current terms rather than relying on a figure published last year; rates move and we would rather get you the live answer.
Where to buy
Eleven states, and the concentration is in California, Florida, Colorado and Utah. The entry point is Abitaro's three Florida homes at $68,000 to $100,000 — by a wide margin the cheapest way into co-ownership anywhere we list, in any country. Pacaso's range runs from $175,000 to $2,905,000, so the same operator covers a modest condo and a trophy house.
One honest observation from our own data: the US homes draw the most search traffic of anything on this site, and they convert the least. American visitors enquire on European homes at a far higher rate than on American ones. We do not fully know why — the price gap is the obvious candidate — but if you are American and weighing a $750,000 share in California against a €199,000 share in Spain, you are not the first.
Every US home we list is here, and if you want the operators compared, that is here.
Common questions
How much does co-ownership cost in the United States?
From $68,000. Across the 107 US homes we list, Abitaro's three Florida homes run $68,000 to $100,000 and Pacaso's 104 run $175,000 to $2,905,000 with a median of $752,500. Neither operator publishes running costs to us, so ask for the specific home's annual budget before you reserve.
How many nights a year do I get?
With Pacaso, there is no set cap on total nights. Advance stays are booked 8 days to 24 months ahead and short-notice stays 2 to 30 days out sit on top of them. With Abitaro, roughly 45 nights as three fixed fifteen-night seasonal blocks, exchangeable between co-owners.
Can I rent out my US co-ownership home?
No. Pacaso does not allow owner rentals, and that is not negotiable. If letting income matters to you, the homes that permit it are in Europe, with MYNE and Vivla, subject to local licensing.
Can I deduct the mortgage interest?
Possibly, and it depends on more than one variable: the LLC's federal tax classification, whether the property qualifies as a second home for your purposes, your personal-use versus rental-use percentage, and whether the loan is secured by the real estate or by the LLC interest. Settle it with a CPA before you buy rather than assuming either way.
Can I 1031-exchange a fractional share?
In principle, but it is structurally complex and most shares held primarily for personal use do not cleanly qualify. It depends on the LLC's classification, on investment versus personal use, and on the replacement property. If a 1031 is central to your plan, resolve it with your CPA before you reserve.
What is a property-specific LLC?
One limited liability company per house, typically registered in Delaware or the property's state. The LLC owns the real estate; you own a deeded membership interest in it. It isolates each owner from the others' liabilities, makes shares transferable without a property conveyance, and keeps tax filings at company level.
Which states can I actually buy in?
Eleven: California, Florida, Colorado, Utah, Arizona, Hawaii, Nevada, Oregon, Massachusetts, South Carolina and Wyoming. The concentration is in California, Florida, Colorado and Utah. Abitaro's three homes are all in Florida.
Is it cheaper to buy in Europe?
Considerably. The median US share we list is $752,500 against €199,000 for MYNE and €172,500 for Vivla in Europe, though the American homes are generally larger. European operators also publish verified running costs on 108 of their homes, which no US operator does. The trade-offs the other way are Pacaso's uncapped nights and no Schengen limit on how long you may stay.
Does buying through Co-Ownership Property cost more?
No. The share price is the operator's price and is identical either way. We are paid a commission by the operator on completion, never by you.