Partnership with per unit investors
Hi BP,
My partner and I are working through what structure we should set up and I'd be very grateful for suggestions and advice from anyone who has set up a similar plan. We will be buying, rehabbing and holding 2-4 unit houses and eventually plan to add small multi-family to the portfolio.
We have multiple family and friends who are interested in investing. We are consulting with an experienced RE attorney and CPA, but would love feedback from those who have done it in the arena, so to speak.
We are planning to set up an LLC as the "mothership" and then have per unit LLC's with separate bank accounts set up for each property. We would then sell shares to investors per property. This is the part I am not totally clear on and would love suggestions or resources to learn more on this type of structure, or advice on a better way to structure this type of business plan.
Thanks!
- Mike