Starting Out (with Family)

[Kurt Patrice]

Hi All!

My siblings and I recently received some capital and are looking to partner up into a shared rental property. Any insight into the best way to partner with family? We have equal funds but want to explore what a partnership will look like v an LLC. Based in NYC but exploring various of town markets.

Thanks in advance!

[Jaron Walling]

@Kurt Patrice Do you have experience with real estate? Any family have a RE license? Who's bringing what to the table? Partners have roles, responsibilities, and tasks to complete. Partnering with family to buy deals is no different than renting to family. It's tricky and changes the dynamics of the relationship. 

I would create a clear business plan before going down that path. If it's your first investment property you don't need an LLC. Keep things simple and get it in writing. You need boots on the ground, market research, buy [box], cash/pre-approved loans, negotiation skills, and local knowledge to bring it all together.