I've been reading so many posts, blogs, marketplace, eBooks etc from this site and it's been an incredible whirlwind of learning. But with that, there are times when the vocubulary gets a little blurred.
I know when we reference "team" we generally are speaking of our relationship with paid type services that help you with your business. Lawyers, realtors, PMs, GCs and the likes.
Occasionally someone has created their own in house "team", which are part of their company, I presume collecting salaries from the company, where people have created these machines that crank out deal after deal systemically. (BTW, very impressive on the vision and completion of said tasks)
On the other hand, the use of the word "Partner" seems to be a grey area at times. I, from a non investor world, when hearing/reading Partner think of a partner as a partial owner of some level to the organization. Yet, when it comes to rehabs, it seems we use this "Partner" word to also include GCs to a certain extent.
It's fun to read and learn all the different deal structures people have put into place. This weekend I was focusing on bulk buying, rehabbing by chance. Of all the different items I read, some partners were equity partners of some kind, while others were what I would have consider team members. It fascinates me how to rehab from a distance versus buying something turnkey, so I have to reread a lot of threads to see what terms are being used and what I think they really mean.
I am thoroughly enjoying reading and learning from everyone. I look forward to the day I provide help to someone in the future.
I would use the word Partner to describe someone who has an ownership stake in a property with me.
I would consider a GC a team member.
I own a lot of properties with other "partners" I also manage properties that I do not own for my "clients"
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