Newbie- Advice for (potentially) working with friends and family?

Question

So, I've got two separate, but related, situations as I plan my way through starting out.

Looking to get into buy and hold/ rental /BRRR

1) Both my brother in law and a very good friend are contractors. So, any repairs needed any future deals, could work with one of them

2) My parents have some investing experience; brought up the possibility of partnering.

Any thoughts on either or both of these situations? Possible pitfalls to watch out for?

thanks!

Aaron K. · Answer

Make sure you get everything in writing and before you start lay out your plan for ownership splits, the easiest way to do this would likely be through an LLC. Yes it costs money but it will memorialize in a legal document what everyone gets at the end of the day.

Newbie- Advice for (potentially) working with friends and family?

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