Hey all! So I am having a hard time tackling some investments by myself. Mainly financing. If it comes down to it I may seek out a partner.
I am planning to buy a STR and am prepared to do all of it; find the deal, acquisition, management, etc.. While I have every intention on running the business myself, I see the need to bring in someone to increase our purchasing power and contribute to the down payment. I have never had a joint venture before and I want to hear from bigger pockets members on what worked for you! If you were in my shoes, wanting to buy a STR but need financing backup and intend on running the business yourself, how would you structure your business and why? LLC, Limited partnership, etc..?
I would open up a new LLC. At least with private lending this is the easiest way to bring your new partner on board. Even if they have less than 20% ownership you can attach them to the loan to use your combined cash reserves to qualify.
@Matthew Crivelli That sounds like it would work for me. I also struggle figuring out how to divide profits, and especially equity. I have more research to do to figure out how a partnership unfolds down the road. I appreciate your input
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