Newbie Biz Partners
Greetings BP. I'm getting into the game with my wife, cousin, and a friend. So really it's a 3 person team, counting myself and wife as 1. We are wanting to form a business entity before we really get out there. Our initial strategies will be assignments, sub 2, and maybe assumption. That being said, I just feel that's a lot of mouths to feed when the potential for profit really isn't that great. The initial thought was to hold whatever profits for capital to be able to eventually obtain these properties for rehab and flip. We would also then need to decide on how and when we would pay ourselves under this single LLC as well as how we will govern each other. Another thought I am having would be to set up a series LLC where we have the shell company and 3 other series underneath that one to be run by each member of the shell. This way each member is responsible for their own wholesale dealings. I am also thinking that later down the roads these series can then later partner on rehab deals with everybody getting a share of the profits based on contributions. Any feedback is greatly appreciated.