Partnership With Family
Been a long 12 months searching through the MLS for the next deal. I have started trying to take time to drive around and look for vacant homes or For Sale by Owner signs in my local area. Some of my family have seen how well my first rental has done since 2020 and want to work with me and invest along side me in my journey. I know that it is important to align goals and have a clear understanding of how to structure the partnership. I know one family member will want to just invest money and be paid passively, but I don't know how to decide what ROI is reasonable. I know there are a lot of ways to creatively structure the payback such as monthly, quarterly, etc. but I wanted to see what ways people have had success with recently.
For the people that have/had partnerships, what questions do you wish you would have asked at the beginning that you didn't think about at the time?