How should I structure a partnership?
Hi, I have 1 buy and hold renovation that I have done at this point and I am looking at the option of partnering with someone who has capital for the next deal. My question is what are some suggestions for best ways to legally structure a buy and hold rental deal? I know that a partnership can be structured any way we both agree to and we could get creative, but I don't want to reinvent the wheel right off. What I really haven't been able to wrap my head around is legally how the property would be owned, would it be owned by an LLC that we form together or would a bank ever loan on that? Obviously I know talk to a lawyer, but I would like to have a good idea what I'm looking for before I start spending a lot of time with a lawyer.
I am looking at single family homes for a BRRR strategy. I would be finding the deal closing it, planning and overseeing the renovation and then managing the property while my partner would be putting up most of the capital. Does anybody have experience structuring a deal like this or suggestions for how I should? Thanks so much!