Newbie Partnership
Hello,
I've read a lot about going into a partnership with a friend. This friend is and has always been a business minded fellow. For 2 years we talked, built business plans, and have always tried to find something to do together.
Finally, he came to me with an interest of his, his dad does it for a living, and asked me if I wanted to join him. RE investing was his pitch. He doesn't need my money but he asked me to join him anyway because of our past together. With his dad guidance we purchased a "buy and hold" property and will have it rented out once the minor updates are finished.
From a partnership perspective what do we need to do. One message that has been consistent is to write everything down. The good, the bad, and the what ifs for everything. Is there other things we should consider / try to solidify the relationship now? Our respect for each other is there but he has more knowledge in REI than I do. I'm here to learn and grow and he is here to help and take on a partner for the long hull.
Are there any big wins that can help this relationship now ?
Thanks much,
Kyle