Setting up a Fair Partnership
Hey everybody!
So another investor and I are seeking to partner with each other and are exploring how to do this. We would like to mainly buy and hold as rentals, and occasionally flip when it makes sense. Here's what we both will be bringing to the partnership, and please let me know how you would make a fair way for us to eventually be 50/50 owners in our RE LLC to be:
ME:
-more money
-some experience in real estate investing (I have 8 SFH's)
PARTNER:
-much more managerial experience and contacts with contractors
-manage the properties we own together and my previous properties to count towards his equity
-sweat equity when we rehab a unit before renting it out
-contacts to help us find pre-foreclosure properties.
We have been having some light conversations about it, but I'd like some input from others so we can have a solid understanding as we move forward.
Thank you for your time!
-Bron