My friend and I both are in REI and each have our own LLCs that we own our individual houses through. We found a killer deal last winter and WE bought it through HIS LLC because we didn't have time to draw up paperwork, get everything legalized, etc. Now, we are trying to figure out the best way to split the equity in the current properties 50/50 (we've been operating on a handshake agreement and want to formalize everything). We plan on buying more properties together and are just looking for the best way to move forward with a formal structure in place.
Any advice is appreciated!
I would speak to an attorney that has structured real estate partnerships before. You might be able to download a boilerplate template from the internet but I would always suggest utilizing counsel when drafting agreements or partnerships. Especially in your situation; where you have already purchased assets together.