Out of state partner
Hey BP community,
First time poster here. I work full time and have a family so I don't have many extra hours to give towards getting started. I also live in NYC which makes the barrier to entry pretty high. I have $40,000 - 50,000 to start and would like to do the BRRRR method. I spoke with a investor/property manager in Detroit who would like to partner up where I would be the money man and he would do the rest. He's my brothers brother in law and have heard good things about his work ethic and trustworthiness. Being that I don't have much time, I'm new to real estate, I live in NYC and Detroit seems to have some great potential (if you know the right areas), this seems like the best way for me to get started. Questions are as follows:
1. How would you best structure the partnership? 50/50?
2. Would I learn enough for future projects just being the money man? The purpose of this first deal is to really see and learn the process..
3. Any Detroit investors doing the BRRRR method with any advice would be greatly appreciated.
Thanks in advance for any help!