Partnership and how to start out

[Jalen Pride]

I have a friend that is interested in getting in Real Estate investing, I have the knowledge and she has $800k cash inheritance. What is the best way for us to get started to maximize our opportunities?

[Michael S.]

Form an LLC. Do not even think of starting to invest with a business partner, especially friend or family, without a real LLC that you both sit down with a lawyer and hammer out the legal terms of. That way, if the friendship goes bad in the future, you and/or your friend are protected from the other one trying to screw you out of your assets (to a significant degree at least).

Also, if they have 800k to invest, they have plenty of money to sue you with later if the business dealings, or friendship, goes bad in the future.