Forming a Partnership
Hello and thank you for reading and commenting on this post! My question might be a little long and there are several parts to it as well.
Background:
I am new to real estate investing, green as green can be, so I have been doing my due diligence and reading, listening to pod cast, and form searching on the subject of landlording (BP is an awesome information site) to learn as much as I can. I have established a LLC for some added protection because I wanted to be prepared in case an opportunity where to suddenly arise.
One aspect I never really bothered to look into was forming a partnership with others. Now a partnership opportunity has presented itself as an option to start investing sooner than I planned. I was able to find two other investors that are interested in doing at least one deal together. Us three would share the precedes and proceeds together and my LLC (JMS property and investment) would be the property management company. Both people are highly, highly trust worthy and honest people. Before I saw a lawyer I wanted to see if I could get a little incite as to what some basic options my be.
Questions:
Is there a right and wrong way for us 3 to purchase the property together (I am sure there is a list a mile long of the wrong way to do it)? When we purchase the property can I still use my LLC to purchase the property on my behalf (the other 2 going in on the deal are purchasing as individuals and not corporations)? How would getting a loan work between all of us, with one being a corporation? Again I am just looking for some general thought, ideas, and personal incite. Thank you.