First-time Partnership on a Buy &Hold Deal
Hell all,
I am about to buy a rental house out of state all in cash with an equity partner, who will contribute 90% of fund and I will contribute the rest. I have already bought 2 houses on my own. This is the first time working with a partner. I will work as asset manager( not property manager) after closing the deal.
We will sign a partnership agreement stating our partnership and ownership of the house.
My quick question:
Should we both sign the purchase and sales agreement so we can both be on the deed? I was planning to let my partner sign the PSA alone so it will be easier for future sale of the house.
In this case(I wont be on the deed), is there going be some potential risks for me?
Much appreciate your time!
Happy holidays!
Emma