Buy Hold Partnership Structure
Looking for advice on LLC structure, partnerships, location of Attorneys and CPA's, etc for a 50/50 buy and hold partnership on 100% turnkey properties in different US markets.
The simple plan is to go 50/50 with great friends on 100% turnkey properties. The reasoning is to accelerate our ability to purchase properties as we each only need 50% of the down payment and closing costs. Long term goals are aligned and I have no reservations regarding decision making or our ability to define the partnership roles. We have similar finances and neither need any cash flow from the properties for current expenses. We're also able to invest about the same capital each year for further acquisitions. I'm more interested in specifics like:
I'm in AZ, partner in CO, buying in TX and other states.
1) where should our LLC be registered?
2) does it matter where our CPA and attorney are located?
3) should cash flow sit in a business account and be used to pay for expenses and to build cash for future acquisitions? Or be distributed to us each and we just come up with 50% of any expenses as required?
I've read many threads on the relationship part of this, more interested in logistics and planning.
Thanks!