Operating Agreement Template

[Mandhir Hazuria]

Hi,

I'm a new REI, looking to buy my first few long-term rentals in the next few months. While as a starting investor I know some might feel there is little need to have a LLC structure setup (WY holding company, local state LLCs, etc), I'd like to get some basic structure setup as part of learning.

I'm in analysis paralysis when looking at firms that help with business entity structures and formation. NCH Inc, Anderson Business Advisors, Prime Corporate Services, etc? 

Is there an operating agreement template from these firms that someone can point me to or share an example with me? (for a single member LLC)

Similar request for a land trust if available as well. 

[Doug Smith]

Are you single-member or are you in it with others? That will impact my answer. From a lender's perspective, we aren't that concerned that F Lee Bailey wrote your Operating Agreement. For a single-member LLC, something simple from Law Depot or Legal Zoom is usually fine with us provided it's fully-executed, provides us with ownership details, and tells us the authorities granted to the players. What can sign for the company? What is the ownership breakdown? etc. If you're single-member, then I think that would suffice. If you're in the business with others, then you might want to dole out the cash to have your attorney write it...and might I add represent you and your interests as opposed to your partner(s). Two sayings come to mind, 1) thing are great...until they aren't, and 2) good fences built good neighbors. No one goes into a marraige thinking they will get divorced and a business arrangement is probably even more fragile. Plan now while everyone's friendly.