I am new to the forum and hope to get some great guidance from you all! I am currently looking to invest in rentals with a couple of folks and was wondering if we could get some advice on how to set up the partnership or how to go about the process of figuring that partnership out. I'm new to the whole investing world when it comes to real estate. Are there any resources / guides any of you fellow BPer's have used in the past to assist in this process? Is it best to go to a real estate agent first and have them recommend a path? We do plan on going with an attorney to get most of these questions hashed out and written out to our needs, or least that is our thought process. But since I'm still in the researching phase and figuring out information, it'd be really helpful to get some input on this! Any help or information is appreciated, thanks!
There is no one-size-fits-all approach to partnerships. It will come down to what each side deems fair and equitable. It could be 50/50 or some other combination. This is where you will need to have the often uncomfortable but necessary discussion with the potential partner. Ensure open communication throughout and get everything in writing.
You'll want to ensure each partner brings something unique to the table and that you are complementing each other's skillset.
Best of luck!
@Daniel Ortega welcome to BP and congrats on starting your REI journey!